GBPAUD Down 1 Pips Over Past Hour, Entered Today Up For the 2nd Consecutive Day; Eyes 20 and 200 Day Averages

Hourly Update

(Last Updated November 5, 2021 23:26 GMT)

At the time of this writing, GBPAUD’s rate is down -1 pips (-0.01%) from the hour prior. This is the 2nd straight hour GBPAUD has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPAUD. Given that we see downtrend on the 20 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.

GBPAUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPAUD is up 35 pips (0.19%) since the previous day (opening today near 1.8347), marking the 2nd consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, GBPAUD ranked 18th the previous day in terms of percentage price change. Below is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD 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 39.5 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 8 out of the past 14 days.