Price action traders may also wish to note that we see a pin bar candlestick pattern on gbpusd.
Relative to other instruments in the forex asset class, gbpusd ranked 19th the day prior in terms of percentage price change.
The clearest trend exists on the 90 day timeframe, which shows price moving up over that time.
Of note is that the 50 hour changed directions on gbpusd; it is now pointing up.
It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign.
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.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
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.