GBP/NZD Down 21 Pips Over Past 4 Hours, in a Downtrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

GBP/NZD 4 Hour Price Update

Updated July 24, 2020 09:11 PM GMT (05:11 PM EST)

After 4 up four-hour candles, GBP/NZD snaps its streak, falling 21 pips (-0.11%) over the past four-hour candle to close at an exchange rate of 1.9262. Compared to its peers in the Forex, GBP/NZD gave its buyers a return that ranked 32nd in terms of percentage change since the previous 4 hours.

GBP/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of GBP/NZD continues; to start today, it came in at a price of 1.91888, down 13 pips (0.07%) since the previous day. Out of the 40 instruments in the Forex asset class, GBP/NZD ended up ranking 36th for the day in terms of price change. Here is a price chart of GBP/NZD.

GBP/NZD

GBP/NZD Technical Analysis

Coming into today GBP/NZD is now close to its 20 and 50 day averages, located at 1.9165 and 1.9336 respectively, and thus may be at a key juncture along those timeframes. Volatility for GBP/NZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days GBP/NZD’s price has gone up 16 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

We’re seeing some traders come out with interesting conviction on GBPNZD, with 15 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.36, 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.

if so, traders can set orders based on Price Action and expect to reach short-term targets….Be sure to leave a comment let us know how do you see this opportunity and forecast….Trade well, ❤️ForecastCity English Support Team ❤️