GBP/AUD Up 170 Pips; Breaks Above 20 Average

GBP/AUD Price Recap

GBP/AUD enters today at 1.94031 in US dollars, up 170 pips (0.88%) from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 19.04% from the day prior, but down 6.97% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/AUD ended up ranking 2nd for the day in terms of day-over-day price change. Below is a price chart of GBP/AUD.

GBP/AUD Technical Analysis

First things first: GBP/AUD crossed above its 20 day moving average yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 14 days.

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 14 sell signals. This imputes a buy/sell ratio of 1.07, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPAUD reach resistance,we can take short with 147 pips target at channel up support as target.Good luck