GBP/USD Up 16 Pips On Hourly Chart, 4 Day Up Streak Snapped; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated September 14, 2022 1:41 GMT)

At the time of this writing, GBPUSD’s rate is up 16 pips (0.14%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPUSD has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPUSD. Given that we see downtrend 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 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 1.15018, is down 182 pips 1.56% since yesterday, marking a reversal from the day prior — and the end of a 4 day positive run. Relative to other instruments in the Forex asset class, GBPUSD ranked 37th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Coming into today GBPUSD is now close to its 20 day moving averages, which may act as price barrier for the asset. Volatility for GBPUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone up 5 them.