GBPUSD Up 5 Pips On Hourly Chart, Moves Up For the 2nd Straight Day; Eyes 20, 50, 100 and 200 Day Averages

Hourly Update

(Last Updated September 15, 2021 1:20 GMT)

Currently, GBPUSD’s rate is up 5 pips (0.04%) 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 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPUSD. Given that we see downtrend on the 20 and 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)

GBPUSD is up 1 pips (0.01%) since the day prior (opening today near 1.3839), marking the 2nd straight day an upward move has occurred. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 19th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Notably, 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 37.2 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 15 out of the past 30 days.