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GBPUSD Down 1 Pips On Hourly Chart, 2 Day Down Streak Ended; in a Downtrend Over Past 90 Days

GBPUSD

Hourly Update

(Last Updated September 2, 2021 3:20 GMT)

At the time of this writing, GBPUSD’s rate is down -1 pips (-0.01%) from the hour prior. GBPUSD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 100 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)

The choppiness in the recent daily price action of GBPUSD continues; to start today, it came in at a price of 1.3771, up 17 pips (0.13%) since yesterday. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 22nd for the day in terms of price change. Here is a price chart of GBPUSD.

GBPUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPUSD crossed above its 20 day moving average 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 20 day average, which is 12.5 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 7 out of the past 14 days. Also, candlestick traders! Note we see doji pattern appearing here as well.