GBPUSD Down 7 Pips in Last Hour, Outperforms All Forex; 2 Day Down Streak Broken

Hourly Update

(Last Updated April 6, 2021 2:21 GMT)

Currently, GBPUSD’s rate is down -7 pips (-0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPUSD entered today at 1.39114, up 88 pips (0.64%) from the previous day. For context, observe that the previous day was noteworthy in the sense that GBPUSD bested all 39 of the assets in the Forex class. Here is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Notably, GBPUSD crossed above its 20 and 50 day moving averages yesterday. 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 34.6 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone down 15 them.