GBPCAD Up 29 Pips On Hourly Chart, Entered Today Down For the 2nd Day In A Row; Crosses 20 Day Moving Average

Hourly Update

(Last Updated January 18, 2021 1:20 GMT)

At the time of this writing, GBPCAD’s rate is up 29 pips (0.17%) from the hour prior. GBPCAD has seen its price go up 5 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Regarding moving averages, it should first be noted that price has crossed the 100, 20 and 50 hour moving averages, resulting in them so that price is now turning above them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 22 pips (0.12%) since the previous day (opening today near 1.72858), marking the 2nd day in a row a decline has happened. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 26th in terms of percentage change since the previous day. Below is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPCAD crossed below its 20 day moving average yesterday. Volatility for GBPCAD 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 up. For additional context, note that price has gone up 17 out of the past 30 days.