GBP/NZD Down 49 Pips Over Past 4 Hours, Makes Big Move Relative to Past Month; 2 Day Down Streak Broken

GBP/NZD 4 Hour Price Update

Updated July 23, 2020 09:25 AM GMT (05:25 AM EST)

GBP/NZD is down 49 pips (0.26%) since the last 4 hour candle (opening the current 4 hour candle near 1.9036), marking the 2nd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, GBP/NZD ended up ranking 32nd 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 entered today at 1.91272, up 14 pips (0.07%) from the day prior. Relative to other instruments in the Forex asset class, GBP/NZD ranked 9th the day prior in terms of percentage price change. Below is a price chart of GBP/NZD.

GBP/NZD Technical Analysis

Notably, the current price of GBP/NZD is sitting close to its 20 and 50 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 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days GBP/NZD’s price has gone up 16 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 24 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1.85, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and relative strength index technical patterns. Here’s a piece we found on; below is a short snippet from it to give you a taste.

GBPNZD rebounded with bullish movement from demand zone at level 1.9020 after forming false breakoutRSI reached oversold regionIt’s expected for coming strong bullish wave to first target key level at 1.9290then rebounded to retest HVN at level 1.9188then finally target supply zone at level 1.9425