GBP/USD Up 13 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Crosses 20 and 50 Day Moving Averages

Hourly Update

(Last Updated November 7, 2022 1:41 GMT)

At the time of this writing, GBPUSD’s rate is up 13 pips (0.12%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPUSD has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 1.13731, up 207 pips 1.85% from the day prior. Relative to other instruments in the Forex asset class, GBPUSD ranked 4th the day prior in terms of percentage price change. Here is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

First things first: GBPUSD crossed above its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. For additional context, note that price has gone up 15 out of the past 30 days.