GBPUSD Down 6 Pips On Hourly Chart, Came Into Today Up For the 2nd Straight Day; Eyes 20 and 50 Day Averages

Hourly Update

(Last Updated October 15, 2021 23:20 GMT)

At the moment, GBPUSD’s rate is down -6 pips (-0.04%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPUSD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 20 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)

GBPUSD is up 1 pips (0.01%) since the day prior (opening today near 1.36696), marking the 2nd straight day it has gone up. Relative to other instruments in the Forex asset class, GBPUSD ranked 19th the day prior in terms of percentage price change. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

Coming into today GBPUSD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 and 90 day timeframes. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone down 15 them.