GBPCAD Down 6 Pips in Last Hour, 5 Day Up Streak Broken; Social Sentiment Biased Towards Buying

Hourly Update

(Last Updated April 22, 2021 2:20 GMT)

Currently, GBPCAD’s rate is down -6 pips (-0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPCAD has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them so that price is now turning below it. 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 5 up days, GBPCAD snaps its streak, falling 161 pips (-0.91%) over the past day to close at an exchange rate of 1.7418. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 38th for the day in terms of price change. Below is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

First things first: GBPCAD crossed below its 50 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 29.3 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days GBPCAD’s price has gone up 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 15 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 15, which is very bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

BUY GBPCAD,easy money the Price will make a pullback after huge overbought