GBPUSD Down 5 Pips in Last Hour; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated January 15, 2021 3:22 GMT)

At the time of this writing, GBPUSD’s rate is down -5 pips (-0.04%) from the hour prior. GBPUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPUSD. Given that we see an uptrend on the 20 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 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 1.36845, up 53 pips (0.39%) from yesterday. Relative to other instruments in the Forex asset class, GBPUSD ranked 11th yesterday in terms of percentage 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 and 50 day averages, located at 1.3553 and 1.3392 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 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 6 out of the past 10 days.