GBP/USD Up 2 Pips in Last Hour, Nears 50 Day Moving Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated December 27, 2021 1:40 GMT)

At the moment, 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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 choppiness in the recent daily price action of GBPUSD continues; to start today, it came in at a price of 1.34038, up 4 pips (0.03%) since the day prior. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 11th in terms of percentage change since the day prior. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

Coming into today GBPUSD is now close to its 20, 50, 100 and 200 day averages, located at 1.3273, 1.338, 1.3546 and 1.3737 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!