(Last Updated July 15, 2021 1:20 GMT)
Currently, GBPUSD’s rate is down -3 pips (-0.02%) from the hour prior. The hourly chart shows that GBPUSD has seen 2 straight down hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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 is down 78 pips (0.57%) since the day prior (opening today near 1.38073), marking the 3rd straight day a decline has happened. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 35th for the day in terms of price change. Let’s take a look at price chart of GBPUSD.
GBPUSD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: GBPUSD crossed below its 20 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 18.1 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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. For additional context, note that price has gone down 11 out of the past 14 days.