GBP/NZD Up 33 Pips in Last 4 Hours, Came Into Today Up For the 8th Day In A Row; in a Downtrend Over Past 90 Days

GBP/NZD 4 Hour Price Update

Updated July 31, 2020 05:07 AM GMT (01:07 AM EST)

After 3 down four-hour candles, GBP/NZD snaps its streak, rising 33 pips (0.17%) over the past four-hour candle to close at an exchange rate of 1.9615. Relative to other instruments in the Forex asset class, GBP/NZD ranked 5th the previous 4 hours in terms of percentage price change.

GBP/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/NZD is up 38 pips (0.19%) since yesterday (opening today near 1.95839), marking the 8th day in a row an increase has occurred. Compared to its peers in the Forex, GBP/NZD gave its buyers a return that ranked 3rd in terms of percentage change since yesterday. Here is a price chart of GBP/NZD.

GBP/NZD

GBP/NZD Technical Analysis

Coming into today GBP/NZD is now close to its 20, 50, 100 and 200 day averages, located at 1.9261, 1.9294, 1.9809 and 1.9962 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed up. Or to simplify this another way, note that out of the past 30 days GBP/NZD’s price has gone up 20 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

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 a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

double bottom at key level 1.900broken trendline with strong bullish momentum