Hourly Update

(Last Updated November 30, 2022 1:45 GMT)

At the moment, GBPUSD’s rate is down -8 pips (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 is down 17 pips (0.14%) since the day prior (opening today near 1.1942), marking the 3rd consecutive day a decline has happened. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 27th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPUSD.

GBPUSD Technical Analysis

Notably, GBPUSD is now close to its 20 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 190.3 pips away. Volatility for GBPUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days GBPUSD’s price has gone up 18 them.

The post GBP/USD Down 8 Pips Over Past Hour, Moves Down For the 3rd Consecutive Day; in an Uptrend Over Past 30 Days appeared first on CFDTrading.