GBPCAD Down 5 Pips On Hourly Chart, Moves Down For the 6th Consecutive Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 15, 2020 23:17 GMT)

At the moment, GBPCAD’s rate is down -5 pips (-0.03%) from the hour prior. The hourly chart shows that GBPCAD has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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)

GBPCAD is down 10 pips (0.06%) since the previous day (opening today near 1.68536), marking the 6th consecutive day a decrease has occurred. Out of the 40 instruments in the Forex asset class, GBPCAD ended up ranking 25th for the day in terms of price change. Below is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 317.7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 9 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 11 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.69, which is bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone, divergence, gartley, harmonic and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPCADPrevious trade idea followed through correctly and came to a zone of support and resistance.currently respects a minor up trend with divergence and respects the wyckoffIn a major zone of potential reversal or a large push on the uptrend. Also respects the C point for a Gartley Pattern Harmonic.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram