GBPUSD Up 2 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; is Inching Close to 50 Day Average

Hourly Update

(Last Updated March 10, 2021 0:23 GMT)

At the time of this writing, GBPUSD’s rate is up 2 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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 entered today at 1.38246, down 33 pips (0.24%) from the previous day. Relative to other instruments in the Forex asset class, GBPUSD ranked 29th the previous day in terms of percentage price change. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Notably, GBPUSD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 and 30 day timeframes, where price is headed up. For additional context, note that price has gone up 7 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.