(Last Updated November 17, 2020 2:20 GMT)
Currently, GBPUSD’s rate is down -2 pips (-0.02%) 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 50 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 20, 50, 100 and 200 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 up 6 pips (0.04%) since yesterday (opening today near 1.31976), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBPUSD ranked 20th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPUSD.
GBPUSD Technical Analysis
Notably, the current price of GBPUSD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBPUSD’s price has gone up 7 them.