GBP/NZD Up 12 Pips Over Past 4 Hours, Makes Big Move Relative to Past Month; Nears 20 Day Moving Average

GBP/NZD 4 Hour Price Update

Updated July 24, 2020 01:06 PM GMT (09:06 AM EST)

GBP/NZD is up 12 pips (0.06%) since the previous 4 hours (opening the current 4 hour candle near 1.9243), marking the 3rd candle in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBP/NZD ranked 9th 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 entered today at 1.91888, down 13 pips (0.07%) from the previous day. Out of the 40 instruments in the Forex asset class, GBP/NZD ended up ranking 36th for the day in terms of price change. Below is a price chart of GBP/NZD.

GBP/NZD Technical Analysis

Notably, GBP/NZD is now close to its 20 and 50 day averages, located at 1.9165 and 1.9336 respectively, and thus may be at a key juncture along those timeframes. Volatility for GBP/NZD 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 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days GBP/NZD’s price has gone up 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPNZD, with 13 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1.44, 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.

Expecting price to break that structure and retest it for for possible buy , also notice that price break the trendline and retest it