It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign.
This is the 2nd straight hour gbpaud has seen its price head up.
The closest is the 20 day average, which is 0.8 pips away.
This imputes a buy/sell ratio of 0.58, which is bearish.
As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern.
Or to simplify this another way, note that out of the past 10 days gbpaud’s price has gone down 6 them.
At the time of this writing, gbpaud’s rate is up 19 pips (0.1%) from the hour prior.
This move is a reversal from the hour prior, which saw price move down.
The closest is the 20 day average, which is 1.9 pips away.
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.