GBP/USD Up 5 Pips On Hourly Chart, Moves Up For the 4th Straight Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 13, 2022 1:43 GMT)

At the time of this writing, GBPUSD’s rate is up 5 pips (0.04%) from the hour prior. The hourly chart shows that GBPUSD has seen 2 straight up hours. 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 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 95 pips (0.82%) since yesterday (opening today near 1.16835), marking the 4th straight day it has gone up. Relative to other instruments in the Forex asset class, GBPUSD ranked 6th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Coming into today GBPUSD is now close to its 20 and 50 day averages, located at 1.1713 and 1.1911 respectively, and thus may be at a key juncture along those timeframes. Volatility for GBPUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 18 out of the past 30 days.