GBP/USD Up 3 Pips Over Past Hour, 2 Day Down Streak Snapped; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated May 10, 2022 1:42 GMT)

Currently, GBPUSD’s rate is up 3 pips (0.02%) from the hour prior. The hourly chart shows that GBPUSD has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists 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)

The choppiness in the recent daily price action of GBPUSD continues; to start today, it came in at a price of 1.23402, up 4 pips (0.03%) since yesterday. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 22nd for the day in terms of price change. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

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 10 days GBPUSD’s price has gone down 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.