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GBPUSD Down 16 Pips Over Past Hour, Entered Today Down For the 2nd Straight Day; is Inching Close to 20 and 50 Day Averages

GBPUSD

Hourly Update

(Last Updated September 1, 2021 2:20 GMT)

Currently, GBPUSD’s rate is down -16 pips (-0.12%) from the hour prior. This is the 3rd consecutive hour GBPUSD has seen its price head down. 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 downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPUSD is down 5 pips (0.04%) since the previous day (opening today near 1.37535), marking the 2nd straight day a decline has happened. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 24th in terms of percentage change since the previous day. Let’s take a look at price chart of GBPUSD.

GBPUSD Technical Analysis

Notably, GBPUSD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 8.8 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 8 out of the past 14 days.