(Last Updated July 28, 2021 12:21 GMT)
At the time of this writing, GBPUSD’s rate is up 8 pips (0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 entered today at 1.38232, up 85 pips (0.62%) from the day prior. GBPUSD outperformed all 39 assets in the Forex asset class the day prior. Congrats to its holders! Here is a price chart of GBPUSD.
GBPUSD Technical Analysis
Notably, GBPUSD crossed above its 20 and 200 day moving averages yesterday. 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 200 day average, which is 9.6 pips away. It should be noted, though, the 20 and 100 day simple moving averages turned upwards, which may be a bullish sign. 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. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone down 19 them.