GBPUSD Down 8 Pips On Hourly Chart, 4 Day Down Streak Broken; is Inching Close to 20, 50 and 100 Day Averages

Hourly Update

(Last Updated November 4, 2021 3:21 GMT)

At the time of this writing, GBPUSD’s rate is down -8 pips (-0.06%) from the hour prior. The hourly chart shows that GBPUSD has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend 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)

A moment of silence, please, for the end of GBPUSD’s 4 day down streak; price ended the day prior up 77 pips (0.56%) to finish the day at a rate of 1.36925. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 6th for the day in terms of price change. 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 1.3724, 1.3696, 1.3752 and 1.3847 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 3.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days GBPUSD’s price has gone down 8 them.