GBP/USD Up 13 Pips On Hourly Chart; Nears 100 Day Moving Average

Hourly Update

(Last Updated December 30, 2021 1:44 GMT)

At the moment, GBPUSD’s rate is up 13 pips (0.1%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPUSD. Given that we see an uptrend on the 20 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 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)

The back and forth price flow continues for GBPUSD, which started today off at 1.34906, up 58 pips 0.43% from the previous day. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 10th for the day in terms of price change. Below is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Notably, the current price of GBPUSD is sitting close to its 20, 50, 100 and 200 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone up 16 them.