(Last Updated January 5, 2022 1:44 GMT)
Currently, GBPUSD’s rate is up 3 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Of note is that the 50 hour changed directions on GBPUSD; it is now pointing up. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
GBPUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of GBPUSD continues; to start today, it came in at a price of 1.35294, up 46 pips (0.34%) since the day prior. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 14th for the day in terms of price change. Let’s take a look at price chart of GBPUSD.
GBPUSD Technical Analysis
Notably, GBPUSD crossed above its 100 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 100 day average, which is 9.6 pips away. It should be noted, though, the 50 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 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. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone up 18 them.