GBP/CAD Up 7 Pips On 4 Hour Chart, Came Into Today Down For the 3rd Day In A Row; Doji and Pin Bar Patterns Appearing on Chart

GBP/CAD 4 Hour Price Update

Updated July 06, 2020 05:06 AM GMT (01:06 AM EST)

After 3 down four-hour candles, GBP/CAD snaps its streak, rising 7 pips (0.04%) over the past four-hour candle to close at an exchange rate of 1.6912. Relative to other instruments in the Forex asset class, GBP/CAD ranked 22nd the last 4 hour candle in terms of percentage price change.

GBP/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CAD is down 1 pips (0.01%) since the previous day (opening today near 1.69072), marking the 3rd day in a row a decline has happened. Relative to other instruments in the Forex asset class, GBP/CAD ranked 21st the previous day in terms of percentage price change. Let’s take a look at price chart of GBP/CAD.

GBP/CAD Technical Analysis

Notably, GBP/CAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days GBP/CAD’s price has gone up 18 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCAD, with 7 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1.75, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

WE HAVE A TRENDLINE BREAKOUT AND A PULLBACK HENCE WE LOOKING FOR LONG OPPPORTUNITIES