GBP/NZD Down 4 Pips On 4 Hour Chart; Price Base in Formation Over Past 90 Days

GBP/NZD 4 Hour Price Update

Updated May 25, 2020 09:10 PM GMT (05:10 PM EST)

The choppiness in the recent four-hour candle price action of GBP/NZD continues; to start the current 4 hour candle, it came in at a price of 1.9985, down 4 pips (0.02%) since the last 4 hour candle. Relative to other instruments in the Forex asset class, GBP/NZD ranked 29th the last 4 hour candle in terms of percentage price change.

GBP/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/NZD entered today at 1.9948, up 13 pips (0.07%) from the day prior. Compared to its peers in the Forex, GBP/NZD gave its buyers a return that ranked 9th in terms of percentage change since the day prior. Below is a price chart of GBP/NZD.

GBP/NZD Technical Analysis

Notably, GBP/NZD is now close to its 20, 100 and 200 day averages, located at 2.0269, 2.0404 and 2.0166 respectively, and thus may be at a key juncture along those timeframes. 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 200 day average, which is 218.1 pips away. 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. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days GBP/NZD’s price has gone down 6 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPNZD, with 9 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 1.8, 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 tradingview.com; below is a short snippet from it to give you a taste.

The GBPNZD touched a low last week that has not been touched since March 20th….GN has entered a consolidation channel since touching the low….The break out price of 2.0040 is also confirmed on Point & Figure 20×3 box.