(Last Updated February 17, 2021 23:20 GMT)
Currently, GBPCAD’s rate is up 6 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
GBPCAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of GBPCAD continues; to start today, it came in at a price of 1.76486, up 69 pips (0.39%) since yesterday. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 11th for the day in terms of price change. Let’s take a look at price chart of GBPCAD.
GBPCAD Technical Analysis
Coming into today GBPCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 up. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone up 7 them.