GBP/AUD Price Recap
The back and forth price flow continues for GBP/AUD, which starts today off at 2.00347 US dollars, up 192 pips 0.97% from the previous day. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 1.42% from the day prior, and up 182.9% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/AUD ended up ranking 14th for the day in terms of day-over-day price change. Below is a price chart of GBP/AUD.
GBP/AUD Technical Analysis
The first thing we should note is that the current price of GBP/AUD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. For additional context, note that price has gone up 5 out of the past 10 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
Of note is that traders in aggregate have opinions on GBPAUD, with 8 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 2, 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.
$GBPAUD: Buying the pullback at channel supportTP1= 2.01196SL = 1.97855