GBPUSD Up 6 Pips in Last Hour, Entered Today Down For the 2nd Straight Day; is Inching Close to 50 Day Average

Hourly Update

(Last Updated April 22, 2021 2:21 GMT)

Currently, GBPUSD’s rate is up 6 pips (0.04%) from the hour prior. GBPUSD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 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 is down 8 pips (0.06%) since the day prior (opening today near 1.39303), marking the 2nd straight day a decline has happened. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 19th in terms of percentage change since the day prior. Below is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

The first thing we should note is that GBPUSD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 69.3 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPUSD, with 7 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.17, which is neutral. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

It was a big start to the week for the British Pound, but can Sterling bulls continue to push?