GBP/USD Down 7 Pips Over Past Hour, Tops All Forex; Breaks Above 20 Day Average

At the time of this writing, GBPUSD’s rate is down -7 pips (-0.05%) from the hour prior. The hourly chart shows that GBPUSD has seen 2 straight down hours. 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 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. GBPUSD is up 136 pips (1.02%) since yesterday (opening today near 1.34513), marking the 2nd … (full story)

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