(Last Updated June 2, 2021 2:20 GMT)
At the moment, GBPAUD’s rate is down -9 pips (-0.05%) from the hour prior. The hourly chart shows that GBPAUD has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Of note is that the 200 hour changed directions on GBPAUD; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)
GBPAUD is down 109 pips (0.59%) since the previous day (opening today near 1.82572), marking the 3rd straight day it has gone down. Out of the 39 instruments in the Forex asset class, GBPAUD ended up ranking 38th for the day in terms of price change. Here is a price chart of GBPAUD.
GBPAUD Technical Analysis
Coming into today GBPAUD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Volatility for GBPAUD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days GBPAUD’s price has gone up 15 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPAUD, with 6 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1.5, which is bullish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
The Sterling-commodity currency crosses have been rangebound for quite some time. Will that change?