GBP/NZD Down 1 Pips Over Past Hour; Crosses 50 Day Moving Average

Hourly Update

(Last Updated June 15, 2022 1:44 GMT)

At the moment, GBPNZD’s rate is down -1 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPNZD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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.

GBPNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPNZD entered today at 1.9301, down 92 pips (0.47%) from yesterday. Relative to other instruments in the Forex asset class, GBPNZD ranked 33rd yesterday in terms of percentage price change. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD crossed below its 50 day moving average yesterday. 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 50 day average, which is 33.7 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. For additional context, note that price has gone up 8 out of the past 14 days.