GBP/NZD Down 17 Pips in Last 4 Hours, Makes Big Move Relative to Two Week Trend; 2 Day Up Streak Snapped

GBP/NZD 4 Hour Price Update

Updated July 21, 2020 09:10 AM GMT (05:10 AM EST)

The back and forth price flow continues for GBP/NZD, which started the current 4 hour candle off at 1.9256, down 17 pips 0.09% from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, GBP/NZD ended up ranking 30th for the four-hour candle in terms of price change.

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 1.9239, down 13 pips (0.07%) since the day prior. Out of the 40 instruments in the Forex asset class, GBP/NZD ended up ranking 38th for the day in terms of price change. Below is a price chart of GBP/NZD.

GBP/NZD Technical Analysis

The first thing we should note is that GBP/NZD is now close to its 20 and 50 day averages, located at 1.9174 and 1.9381 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 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days GBP/NZD’s price has gone up 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 19 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 3.8, 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; below is a short snippet from it to give you a taste.

This is GBPNZD – Weekly chart: Price is moving within an ascending channel ad its testing an ascending linePrice is at an oversold area on the RSI and it has the potential to reverse higher