GBP/AUD Up 52 Pips, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

GBP/AUD Price Recap

GBP/AUD is up 52 pips (0.26%) since yesterday (with its current price near 2.00863), marking the 2nd day in a row an increase has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 3.61% from the day prior, but down 15.47% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/AUD ended up ranking 11th for the day in terms of day-over-day price change. Let’s take a look at price chart of GBP/AUD.

GBP/AUD Technical Analysis

Notably, 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 up. For additional context, note that price has gone up 17 out of the past 30 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 2 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.29, which is bearish. 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