GBPUSD Down 0 Pips On Hourly Chart, 4 Day Down Streak Ended; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated January 13, 2021 2:21 GMT)

At the moment, GBPUSD’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPUSD. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPUSD, which opened today priced near 1.36616, is up 151 pips 1.12% since yesterday, marking a reversal from the day prior — and the end of a 4 day negative run. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 2nd in terms of percentage change since yesterday. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

The first thing we should note is that GBPUSD is now close to its 20 and 50 day averages, located at 1.3526 and 1.3365 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 14 days.