GBPUSD Up 8 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 3, 2021 2:20 GMT)

At the moment, GBPUSD’s rate is up 8 pips (0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPUSD. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 up 64 pips (0.46%) since the day prior (opening today near 1.38346), marking the 2nd consecutive day it has gone up. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 4th in terms of percentage change since the day prior. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

First things first: GBPUSD crossed above its 50 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 50 day average, which is 30.3 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone up 6 them.