GBP/NZD Up 3 Pips On 4 Hour Chart, in a Downtrend Over Past 90 Days; Nears 100 Day Moving Average

GBP/NZD 4 Hour Price Update

Updated August 03, 2020 05:08 AM GMT (01:08 AM EST)

GBP/NZD is up 3 pips (0.02%) since the last 4 hour candle (opening the current 4 hour candle near 1.9742), marking the 3rd candle in a row an upward move has occurred. Out of the 37 instruments in the Forex asset class, GBP/NZD ended up ranking 13th for the four-hour candle in terms of price change.

GBP/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/NZD is up 20 pips (0.1%) since the day prior (opening today near 1.97379), marking the 9th day in a row it has gone up. Relative to other instruments in the Forex asset class, GBP/NZD ranked 4th the day prior in terms of percentage price change. The price chart of GBP/NZD below illustrates.

GBP/NZD

GBP/NZD Technical Analysis

Coming into today the current price of GBP/NZD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 9 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 5 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 1.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and demand zone technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.