(Last Updated October 13, 2020 2:19 GMT)
At the time of this writing, GBPUSD’s rate is down -19 pips (-0.15%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
GBPUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPUSD is up 22 pips (0.17%) since yesterday (opening today near 1.30635), marking the 4th day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, GBPUSD ended up ranking 11th for the day in terms of price change. The price chart of GBPUSD below illustrates.
GBPUSD Technical Analysis
Notably, GBPUSD is now close to its 20, 50 and 100 day averages, located at 1.2884, 1.3026 and 1.2809 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 37.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. For additional context, note that price has gone up 8 out of the past 10 days.