GBP/AUD Down 38 Pips On 4 Hour Chart, 2 Day Down Streak Ended; Pin Bar Pattern Appearing on Chart

GBP/AUD 4 Hour Price Update

Updated July 23, 2020 09:26 AM GMT (05:26 AM EST)

GBP/AUD is down 38 pips (0.21%) since the last 4 hour candle (opening the current 4 hour candle near 1.7787), marking the 3rd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, GBP/AUD ended up ranking 30th 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 1.78346, up 1 pips (0.01%) from the day prior. Compared to its peers in the Forex, GBP/AUD gave its buyers a return that ranked 22nd in terms of percentage change since the day prior. Here is a price chart of GBP/AUD.

GBP/AUD Technical Analysis

Notably, 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 16 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

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 25 sell signals. This imputes a buy/sell ratio of 1.04, which is neutral. 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.

GBPAUD from a long time has been in a corrective channel which now appears to have broken. We might now be looking at a long term sell continuation on this pair.