GBP/CAD 4 Hour Price Update
Updated July 23, 2020 09:25 AM GMT (05:25 AM EST)
GBP/CAD is down 43 pips (0.25%) since the previous 4 hours (opening the current 4 hour candle near 1.7028), marking the 3rd candle in a row it has gone down. Out of the 37 instruments in the Forex asset class, GBP/CAD ended up ranking 31st for the four-hour candle in terms of price change.
GBP/CAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBP/CAD is down 2 pips (0.01%) since yesterday (opening today near 1.70824), marking the 3rd day in a row a decline has happened. Compared to its peers in the Forex, GBP/CAD gave its buyers a return that ranked 32nd in terms of percentage change since yesterday. Below is a price chart of GBP/CAD.
GBP/CAD Technical Analysis
Notably, the current price of GBP/CAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 38.2 pips away. Volatility for GBP/CAD 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 30 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 17 out of the past 30 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPCAD, with 6 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
UPDATE – Rising WedgeDuring yesterday price broke out from a Rising Wedge. Price pulled back and now created a lower low. This means that the possibilities are very high that our targets will be reached.Yesterday idea:https://www.tradingview.com/chart/GBPCAD/rXUOfLio-GBPCAD-Rising-Wedge/