(Last Updated July 19, 2022 1:40 GMT)
At the moment, GBPCAD’s rate is down -10 pips (-0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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)
The choppiness in the recent daily price action of GBPCAD continues; to start today, it came in at a price of 1.5488, up 42 pips (0.27%) since the previous day. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 16th in terms of percentage change since the previous day. The price chart of GBPCAD below illustrates.
GBPCAD Technical Analysis
Coming into today GBPCAD is now close to its 20 and 50 day averages, located at 1.5628 and 1.5788 respectively, and thus may be at a key juncture along those timeframes. 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 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 18 out of the past 30 days.