GBP/USD Up 9 Pips Over Past Hour, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated June 17, 2022 1:41 GMT)

At the time of this writing, GBPUSD’s rate is up 9 pips (0.08%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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 up 184 pips (1.51%) since yesterday (opening today near 1.23526), marking the 2nd straight day it has gone up. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 3rd in terms of percentage change since yesterday. Here is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Coming into today the current price of GBPUSD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone up 16 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPUSD, with 22 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 1.47, which is bullish. As for the rationale, technical traders seem to be citing the appearance of double top and head and shoulders technical patterns. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

The Fed hiked by 75 bps and this was followed by the Swiss National Bank hiking 50 and the BoE hiking by 25, and the Bank of Japan is on the clock for later tonight.