GBPUSD Down 2 Pips Over Past Hour, Moves Up For the 2nd Day In A Row; Sentiment Strongly Favors Sellers

Hourly Update

(Last Updated November 12, 2020 1:19 GMT)

At the moment, GBPUSD’s rate is down -2 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPUSD. Given that we see downtrend on the 20 and 10 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 is up 106 pips (0.81%) since the day prior (opening today near 1.32695), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 8th in terms of percentage change since the day prior. Below is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Coming into today GBPUSD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone up 5 them.