GBPUSD Down 4 Pips Over Past Hour, Moves Down For the 2nd Day In A Row; Eyes 100 Day Average

Hourly Update

(Last Updated April 1, 2021 0:21 GMT)

At the moment, GBPUSD’s rate is down -4 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. 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 20 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 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)

GBPUSD is down 23 pips (0.16%) since the previous day (opening today near 1.37478), marking the 2nd day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 30th for the day in terms of price change. Below is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Notably, GBPUSD is now close to its 20, 50 and 100 day averages, located at 1.385, 1.3861 and 1.3689 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 100 day average, which is 58.9 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone down 6 them.