(Last Updated February 16, 2021 23:21 GMT)
At the moment, GBPUSD’s rate is down -6 pips (-0.05%) from the hour prior. This is the 3rd straight hour GBPUSD has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
GBPUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPUSD is up 45 pips (0.32%) since yesterday (opening today near 1.39139), marking the 3rd day in a row an increase has occurred. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 11th in terms of percentage change since yesterday. The price chart of GBPUSD below illustrates.
GBPUSD Technical Analysis
Coming into today the current price of GBPUSD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBPUSD’s price has gone up 8 them.