GBP/AUD 2 Day Down Streak Broken; in an Uptrend Over Past 90 Days

GBP/AUD Price Recap

The back and forth price flow continues for GBP/AUD, which starts today off at 2.015 US dollars, up 390 pips 1.97% from the previous day. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 37.94% from the day prior, and up 57.48% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/AUD ended up ranking 8th for the day in terms of day-over-day price change. Below is a price chart of GBP/AUD.

GBP/AUD Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days GBP/AUD’s price has gone up 5 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPAUD, with 5 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.71, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a divergence technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPAUD looks like it’s head back to a main support zone. Bearish divergence, Resistance and price action all tell me we should be short here.