(Last Updated September 8, 2021 0:20 GMT)
Currently, GBPCAD’s rate is down -3 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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.
GBPCAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPCAD is down 21 pips (0.12%) since the day prior (opening today near 1.73428), marking the 3rd consecutive day it has gone down. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 27th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPCAD.
GBPCAD Technical Analysis
Notably, GBPCAD 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 50 day average, which is 12.1 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 17 them.