GBP/USD Up 2 Pips Over Past Hour, Entered Today Up For the 2nd Day In A Row; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated November 17, 2022 1:45 GMT)

Currently, GBPUSD’s rate is up 2 pips (0.02%) 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. Regarding the trend, note that the strongest trend 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)

GBPUSD is up 43 pips (0.36%) since yesterday (opening today near 1.19151), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBPUSD ranked 17th yesterday in terms of percentage price change. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

Notably, the current price of GBPUSD is sitting close to its 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 264.3 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. 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 17 out of the past 30 days.