(Last Updated July 20, 2021 2:13 GMT)
At the moment, GBPAUD’s rate is down -3 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 10 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)
The back and forth price flow continues for GBPAUD, which started today off at 1.86233, down 5 pips 0.03% from the previous day. Compared to its peers in the Forex, GBPAUD gave its buyers a return that ranked 20th in terms of percentage change since the previous day. Let’s take a look at price chart of GBPAUD.
GBPAUD Technical Analysis
The first thing we should note is that GBPAUD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 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 GBPAUD’s price has gone up 5 them.