GBP/USD Up 26 Pips On Hourly Chart, Moves Up For the 2nd Day In A Row; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated November 24, 2022 1:43 GMT)

Currently, GBPUSD’s rate is up 26 pips (0.22%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 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 184 pips (1.55%) since the day prior (opening today near 1.20707), marking the 2nd day in a row it has gone up. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 2nd 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 200 day averages, located at 1.2198 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 200 day average, which is 127.7 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 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 19 out of the past 30 days.