GBPUSD Up 12 Pips Over Past Hour, 4 Day Down Streak Ended; Eyes 20, 50 and 100 Day Averages

Hourly Update

(Last Updated November 5, 2021 23:27 GMT)

At the time of this writing, GBPUSD’s rate is up 12 pips (0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 10 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)

After 4 down days, GBPUSD snaps its streak, rising 77 pips (0.56%) over the past day to close at an exchange rate of 1.36925. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 6th in terms of percentage change since the day prior. Below is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

The first thing we should note is that the current price of GBPUSD is sitting close to its 20, 50, 100 and 200 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 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. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. For additional context, note that price has gone down 6 out of the past 10 days.