GBPUSD Up 2 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated June 2, 2021 2:22 GMT)

At the time of this writing, GBPUSD’s rate is up 2 pips (0.02%) from the hour prior. The hourly chart shows that GBPUSD has seen 3 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The choppiness in the recent daily price action of GBPUSD continues; to start today, it came in at a price of 1.41551, down 69 pips (0.48%) since the day prior. Relative to other instruments in the Forex asset class, GBPUSD ranked 35th the day prior 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, 50 and 100 day moving averages, which may act as price barrier for the asset. 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. 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. For additional context, note that price has gone up 17 out of the past 30 days.