GBP/NZD Down 9 Pips On 4 Hour Chart, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 90 Days

GBP/NZD 4 Hour Price Update

Updated July 27, 2020 09:08 PM GMT (05:08 PM EST)

A moment of silence, please, for the end of GBP/NZD’s 3 four-hour candle up streak; price ended the previous 4 hours down 9 pips (-0.05%) to finish the four-hour candle at a rate of 1.9273. Relative to other instruments in the Forex asset class, GBP/NZD ranked 22nd 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 5 pips (0.02%) since yesterday (opening today near 1.92575), marking the 3rd day in a row an increase has occurred. Compared to its peers in the Forex, GBP/NZD gave its buyers a return that ranked 26th in terms of percentage change since yesterday. The price chart of GBP/NZD below illustrates.

GBP/NZD

GBP/NZD Technical Analysis

Notably, GBP/NZD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 17 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPNZD, with 11 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 2.2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

https://www.tradingview.com/x/bOcTKOQg/ GBPNZD retraced from a 4H structure resistance.the price has broken below the support of a minor rising channel,confirming the strength of structure.now bearish continuation is highly probable.goals:1.9171.9125