GBP/CAD Down 1 Pips On Hourly Chart, Entered Today Down For the 3rd Straight Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated June 22, 2022 1:43 GMT)

Currently, GBPCAD’s rate is down -1 pips (0%) from the hour prior. The hourly chart shows that GBPCAD has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend 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 downtrend on the 20 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 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 37 pips (0.23%) since the day prior (opening today near 1.5865), marking the 3rd straight day it has gone down. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 32nd for the day in terms of price change. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD is now close to its 20 and 50 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. For additional context, note that price has gone down 7 out of the past 10 days.