GBP/AUD Down 10 Pips Over Past Hour, Came Into Today Down For the 3rd Straight Day; Breaks Below 20 Day Average

Hourly Update

(Last Updated April 29, 2022 1:43 GMT)

At the moment, GBPAUD’s rate is down -10 pips (-0.06%) from the hour prior. GBPAUD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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.

GBPAUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPAUD is down 62 pips (0.35%) since the day prior (opening today near 1.75409), marking the 3rd straight day a decline has happened. Relative to other instruments in the Forex asset class, GBPAUD ranked 30th the day prior in terms of percentage price change. Let’s take a look at price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days GBPAUD’s price has gone down 16 them.