Price action traders may also wish to note that we see a doji candlestick pattern on gbpusd.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
This move is a reversal from the hour prior, which saw price move down.
This is the 3rd hour in a row gbpusd has seen its price head up.
Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down.
It’s been a feast for bears operating on an hourly timeframe, as gbpusd has now gone down 8 of the past 10 hours.
Relative to other instruments in the forex asset class, gbpusd ranked 34th the day prior in terms of percentage price change.
Price action traders may also wish to note that we see a pin bar candlestick pattern on gbpusd.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.