GBP/AUD Down 54 Pips in Last 4 Hours, 2 Day Up Streak Snapped; Sentiment Strongly Favors Buyers

GBP/AUD 4 Hour Price Update

Updated July 21, 2020 09:10 AM GMT (05:10 AM EST)

The back and forth price flow continues for GBP/AUD, which started the current 4 hour candle off at 1.798, down 54 pips 0.3% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, GBP/AUD ended up ranking 35th for the four-hour candle in terms of price change.

GBP/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/AUD entered today at 1.80297, down 15 pips (0.09%) from the day prior. On a relative basis, GBP/AUD was the worst performer out of all 40 of the assets in the Forex asset class. The price chart of GBP/AUD below illustrates.

GBP/AUD Technical Analysis

The first thing we should note is that GBP/AUD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 5 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPAUD, with 34 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 11.33, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of channel, divergence and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Buy order at 38% Fibonacci.Good confluences to take the trade.Medium Risk Trade- Don’t risk to much capital.That’s it. Time to Kill ✌