(Last Updated April 7, 2021 3:20 GMT)
At the moment, GBPCAD’s rate is down 0 pips (0%) 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 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCAD. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)
The back and forth price flow continues for GBPCAD, which started today off at 1.73894, down 27 pips 0.16% from the previous day. Relative to other instruments in the Forex asset class, GBPCAD ranked 20th the previous day in terms of percentage price change. The price chart of GBPCAD below illustrates.
GBPCAD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: GBPCAD crossed below its 100 day moving average yesterday. 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 100 day average, which is 2.3 pips away. 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 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 6 out of the past 10 days.