GBPUSD Down 3 Pips in Last Hour, Came Into Today Up For the 2nd Consecutive Day; is Inching Close to 20 and 200 Day Averages

Hourly Update

(Last Updated July 23, 2021 23:20 GMT)

At the time of this writing, GBPUSD’s rate is down -3 pips (-0.02%) from the hour prior. The hourly chart shows that GBPUSD has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 50 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 up 60 pips (0.44%) since the previous day (opening today near 1.37755), marking the 2nd consecutive day it has gone up. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 4th for the day in terms of price change. Below is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

The first thing we should note is that GBPUSD is now close to its 20, 50, 100 and 200 day averages, located at 1.38, 1.3949, 1.3938 and 1.3809 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 24.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone down 19 them.