GBP/CAD Down 15 Pips in Last 4 Hours, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

GBP/CAD 4 Hour Price Update

Updated July 29, 2020 01:14 AM GMT (09:14 PM EST)

After 4 up four-hour candles, GBP/CAD snaps its streak, falling 15 pips (-0.09%) over the past four-hour candle to close at an exchange rate of 1.7292. Out of the 37 instruments in the Forex asset class, GBP/CAD ended up ranking 32nd for the four-hour candle in terms of price change.

GBP/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of GBP/CAD’s 5 day up streak; price ended yesterday down 9 pips (-0.05%) to finish the day at a rate of 1.72917. Out of the 40 instruments in the Forex asset class, GBP/CAD ended up ranking 35th for the day in terms of price change. Here is a price chart of GBP/CAD.

GBP/CAD

GBP/CAD Technical Analysis

Coming into today GBP/CAD is now close to its 20, 50, 100 and 200 day averages, located at 1.7121, 1.7022, 1.7154 and 1.7171 respectively, and thus may be at a key juncture along those timeframes. 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 200 day average, which is 120.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 10 out of the past 14 days. 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 GBPCAD, with 15 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.36, which is bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci, trendline and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Directional Bias was correct once again, lets see if we can pullback to the local level that we broke recently and retrace before making new highs….Hopefully this cycle is short lived, and then we can look for normal market bias after this rally….For now lets try and catch this rally with the Fib level, KL a and the nearby Trendline.