GBPCAD Down 4 Pips On Hourly Chart, Price Base in Formation Over Past 14 Days; is Inching Close to 200 Day Average

Hourly Update

(Last Updated November 12, 2020 22:18 GMT)

At the moment, GBPCAD’s rate is down -4 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Of note is that the 200 hour changed directions on GBPCAD; it is now pointing up. 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)

The choppiness in the recent daily price action of GBPCAD continues; to start today, it came in at a price of 1.72693, down 23 pips (0.13%) since the day prior. Out of the 40 instruments in the Forex asset class, GBPCAD ended up ranking 28th for the day in terms of price change. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD is now close to its 20, 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 200 day average, which is 78.8 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. Also of note is that on a 14 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 14 days GBPCAD’s price has gone up 7 them.