GBP/AUD Down 8 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; in a Downtrend Over Past 30 Days

GBP/AUD 4 Hour Price Update

Updated May 14, 2020 09:10 AM GMT (05:10 AM EST)

GBP/AUD entered the current 4 hour candle at 1.8961, down 8 pips (0.04%) from the last 4 hour candle. Relative to other instruments in the Forex asset class, GBP/AUD ranked 19th the last 4 hour candle in terms of percentage price change.

GBP/AUD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/AUD is up 8 pips (0.04%) since the day prior (opening today near 1.89542), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, GBP/AUD gave its buyers a return that ranked 15th in terms of percentage change since the day prior. Here is a 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 and 200 day moving averages, which may act as price barrier for the asset. 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 200 day average, which is 234.5 pips away. The clearest trend exists on the 30 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 7 them. 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 15 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.25, 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.

WE HAVE LONG REJECTION WICKS AT THIS ZONE FROM THE UPSIDE MEANING SELLER STRENGTH AND UPON THE LAST 4HR CLOSE IT WAS A NICE BEARISH REJECTION ENGULFING CANDLE….I’M JUST WAITING FOR THE CURRENT 1 HOUR CANDLE TO CLOSE BEARISH BEFORE ENTERING THE TRADE….I HAVE NOW LAUNCHED A FREE TELEGRAM CHANNEL FOR MARKET INSIGHT AND TRADES THAT I TAKE.