GBPUSD Down 11 Pips On Hourly Chart, Price Base in Formation Over Past 14 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated October 12, 2021 0:21 GMT)

At the time of this writing, GBPUSD’s rate is down -11 pips (-0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 entered today at 1.36133, up 2 pips (0.02%) from the previous day. Relative to other instruments in the Forex asset class, GBPUSD ranked 17th the previous day in terms of percentage price change. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Notably, GBPUSD is now close to its 20, 50, 100 and 200 day averages, located at 1.3618, 1.3715, 1.3784 and 1.3872 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 out of the past 14 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!