GBPCAD Down 3 Pips On Hourly Chart; Entered Today Up For the 3rd Consecutive Day

Hourly Update

(Last Updated January 4, 2021 2:20 GMT)

At the moment, GBPCAD’s rate is down -3 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCAD has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCAD. Given that we see an uptrend 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCAD is up 49 pips (0.28%) since the previous day (opening today near 1.74194), marking the 3rd consecutive day it has gone up. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 15th in terms of percentage change since the previous day. Below is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

The first thing we should note is that GBPCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.7204, 1.7235, 1.7205 and 1.7204 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 184 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone up 11 them.