GBPCAD Down 7 Pips Over Past Hour, 3 Day Up Streak Ended; Eyes 20 and 50 Day Averages

Hourly Update

(Last Updated January 14, 2021 2:21 GMT)

Currently, GBPCAD’s rate is down -7 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji 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 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)

After 3 up days, GBPCAD snaps its streak, falling 60 pips (-0.35%) over the past day to close at an exchange rate of 1.73074. Relative to other instruments in the Forex asset class, GBPCAD ranked 28th the previous day in terms of percentage price change. Below is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, the current price of GBPCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days.