GBP/USD Up 3 Pips On Hourly Chart, Came Into Today Down For the 3rd Consecutive Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated May 13, 2022 1:42 GMT)

At the moment, GBPUSD’s rate is up 3 pips (0.03%) 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. As for the trend on the hourly timeframe, we see the clearest trend 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 down 33 pips (0.27%) since the previous day (opening today near 1.22024), marking the 3rd consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 18th for the day in terms of price change. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

Volatility for GBPUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. Or to simplify this another way, note that out of the past 14 days GBPUSD’s price has gone down 11 them.