GBP/USD Up 9 Pips On Hourly Chart, Underperforms All Forex; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated June 15, 2022 1:44 GMT)

At the time of this writing, GBPUSD’s rate is up 9 pips (0.08%) from the hour prior. GBPUSD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend 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 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

GBPUSD is down 126 pips (1.03%) since yesterday (opening today near 1.20085), marking the 5th straight day it has gone down. Those trading within the Forex asset class should know that GBPUSD was the worst performer in the class. Here is a price chart of GBPUSD.


GBPUSD Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days GBPUSD’s price has gone down 8 them.