GBP/NZD Up 21 Pips Over Past Hour, Moves Up For the 2nd Straight Day; Eyes 200 Day Average

Hourly Update

(Last Updated December 20, 2021 1:41 GMT)

Currently, GBPNZD’s rate is up 21 pips (0.11%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPNZD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

GBPNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPNZD is up 23 pips (0.12%) since yesterday (opening today near 1.96282), marking the 2nd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, GBPNZD ranked 10th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Coming into today GBPNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.9499, 1.9318, 1.9467 and 1.9532 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 95.8 pips away. Volatility for GBPNZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 10 days.