GBP/AUD Up 42 Pips in Last 4 Hours, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

GBP/AUD 4 Hour Price Update

Updated June 24, 2020 01:13 PM GMT (09:13 AM EST)

GBP/AUD is up 42 pips (0.23%) since the last 4 hour candle (opening the current 4 hour candle near 1.8091), marking the 2nd candle in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBP/AUD ranked 3rd the last 4 hour candle in terms of percentage price change.

GBP/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/AUD entered today at 1.80505, down 16 pips (0.09%) from yesterday. Relative to other instruments in the Forex asset class, GBP/AUD ranked 39th yesterday in terms of percentage price change. Here is a price chart of GBP/AUD.

GBP/AUD Technical Analysis

Coming into today GBP/AUD is now close to its 20 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 123.5 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. Or to simplify this another way, note that out of the past 10 days GBP/AUD’s price has gone down 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPAUD, with 26 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 2.36, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Will price break above the Bearish Channel to the upside of will it hold once again? There is a possible Rejection from below. What are your thoughts?