GBP/AUD Down 46 Pips Over Past 4 Hours, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

GBP/AUD 4 Hour Price Update

Updated May 19, 2020 05:14 PM GMT (01:14 PM EST)

The choppiness in the recent four-hour candle price action of GBP/AUD continues; to start the current 4 hour candle, it came in at a price of 1.8659, down 46 pips (0.25%) since the previous 4 hours. Compared to its peers in the Forex, GBP/AUD gave its buyers a return that ranked 32nd in terms of percentage change since the previous 4 hours.

GBP/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/AUD entered today at 1.87021, up 13 pips (0.07%) from yesterday. Relative to other instruments in the Forex asset class, GBP/AUD ranked 11th yesterday in terms of percentage price change. Let’s take a look at price chart of GBP/AUD.

GBP/AUD Technical Analysis

Notably, GBP/AUD is now close to its 20 day averages, located at 1.9069 respectively, and thus may be at a key juncture along those timeframes. 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 367 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. 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 15 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 1.88, 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.

Currently we are seeing a strong bearish move reaching the 1.61 Fib Ext.level. Great place to find a solid support and push longs.