GBP/AUD Up 8 Pips in Last 4 Hours, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

GBP/AUD 4 Hour Price Update

Updated June 30, 2020 09:08 PM GMT (05:08 PM EST)

GBP/AUD is up 8 pips (0.04%) since the last 4 hour candle (opening the current 4 hour candle near 1.7956), marking the 2nd candle in a row it has gone up. Compared to its peers in the Forex, GBP/AUD gave its buyers a return that ranked 19th in terms of percentage change since the last 4 hour candle.

GBP/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for GBP/AUD, which started today off at 1.79097, up 7 pips 0.04% from the day prior. Out of the 40 instruments in the Forex asset class, GBP/AUD ended up ranking 23rd for the day in terms of price change. Let’s take a look at price chart of GBP/AUD.

GBP/AUD Technical Analysis

The first thing we should note is that GBP/AUD is now close to its 20 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 18 out of the past 30 days. 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 19 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 1.19, 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.

We are looking at a strong potential on a buy for GBPAUD, as it has enough support to buy….Therefore, we are looking for GBPAUD to buy….Also, check the RSI indicator that it is at support level too.