GBP/NZD Up 47 Pips in Last Hour, 2 Day Up Streak Broken; Eyes 20 and 200 Day Averages

Hourly Update

(Last Updated December 27, 2021 1:40 GMT)

At the moment, GBPNZD’s rate is up 47 pips (0.24%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 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)

The back and forth price flow continues for GBPNZD, which started today off at 1.96202, down 27 pips 0.14% from yesterday. Compared to its peers in the Forex, GBPNZD gave its buyers a return that ranked 26th in terms of percentage change since yesterday. Below is a price chart of GBPNZD.

GBPNZD

GBPNZD Technical Analysis

Notably, GBPNZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 55.1 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 10 days.

The View From Around the Web

Not much commentary on GBPNZD that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hi traders. wish you a very happy and profitable new year! GBP will show weakness in first mid of 2022!