GBPCAD Up 2 Pips in Last Hour, 3 Day Down Streak Ended; Nears 20 Day Moving Average

Hourly Update

(Last Updated November 5, 2021 3:19 GMT)

At the moment, GBPCAD’s rate is up 2 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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)

A moment of silence, please, for the end of GBPCAD’s 3 day down streak; price ended the day prior up 62 pips (0.37%) to finish the day at a rate of 1.69558. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 11th in terms of percentage change since the day prior. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 20, 50, 100 and 200 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. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 18 them.