(Last Updated May 3, 2021 2:21 GMT)
At the moment, GBPUSD’s rate is up 15 pips (0.11%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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)
The choppiness in the recent daily price action of GBPUSD continues; to start today, it came in at a price of 1.38224, up 10 pips (0.07%) since yesterday. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 18th in terms of percentage change since yesterday. The price chart of GBPUSD below illustrates.
GBPUSD Technical Analysis
The first thing we should note is that GBPUSD is now close to its 20, 50 and 100 day averages, located at 1.3847, 1.3842 and 1.3804 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 15 out of the past 30 days.