GBP/AUD Up 6 Pips On Hourly Chart, 3 Day Down Streak Broken; is Inching Close to 100 Day Average

Hourly Update

(Last Updated July 4, 2022 1:40 GMT)

At the time of this writing, GBPAUD’s rate is up 6 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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, which opened today priced near 1.77396, is up 113 pips 0.64% since the previous day, marking a reversal from the day prior — and the end of a 3 day negative run. Relative to other instruments in the Forex asset class, GBPAUD ranked 6th the previous day in terms of percentage price change. Here is a price chart of GBPAUD.

GBPAUD

GBPAUD Technical Analysis

Notably, GBPAUD is now close to its 20, 50 and 100 day averages, located at 1.7579, 1.7604 and 1.7782 respectively, and thus may be at a key juncture along those timeframes. 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. Or to simplify this another way, note that out of the past 10 days GBPAUD’s price has gone up 5 them.