GBPUSD Down 5 Pips Over Past Hour, Outperforms All Forex; 2 Day Down Streak Ended

Hourly Update

(Last Updated February 19, 2021 23:22 GMT)

At the moment, GBPUSD’s rate is down -5 pips (-0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPUSD has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists 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 1.39701, up 107 pips (0.77%) from the previous day. On a relative basis, the previous day was pretty good: GBPUSD bested all 39 of the assets in the Forex class 🙂 The price chart of GBPUSD below illustrates.

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 1.3777 and 1.3662 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBPUSD’s price has gone up 9 them.