GBP/NZD Down 72 Pips; in a Downtrend Over Past 30 Days

GBP/NZD Price Recap

The choppiness in the recent daily price action of GBP/NZD continues; to start today, it comes in at a price of 1.96048 US dollars, down 72 pips (0.37%) since yesterday. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 5.61% from the day before — and down 18.38% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/NZD ended up ranking 24th for the day in terms of day-over-day price change. The price chart of GBP/NZD below illustrates.

GBP/NZD Technical Analysis

The first thing we should note is that 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. 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 100 day average, which is 147.4 pips away. Volatility for GBP/NZD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days GBP/NZD’s price has gone down 10 them.