GBP/CAD Down 7 Pips On 4 Hour Chart, 6 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart

GBP/CAD 4 Hour Price Update

Updated July 30, 2020 01:07 AM GMT (09:07 PM EST)

GBP/CAD is down 7 pips (0.04%) since the previous 4 hours (opening the current 4 hour candle near 1.7319), marking the 3rd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, GBP/CAD ended up ranking 22nd for the four-hour candle in terms of price change.

GBP/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 6 up days, GBP/CAD snaps its streak, falling 10 pips (-0.06%) over the past day to close at an exchange rate of 1.73201. Out of the 40 instruments in the Forex asset class, GBP/CAD ended up ranking 30th for the day in terms of price change. Let’s take a look at price chart of GBP/CAD.

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 200 day average, which is 148.9 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 up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 7 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCAD, with 5 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.83, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

🔸 4H CHART EXPLANATION: ..🔸Price bounced at the Weekly Ascending Trendline..🔸It has broken the Descending Trendline and the Resistance Zone..🔸We consider that it has potential to make an upside move towards the Resistance Zone at 1.7700 ..🔸 Will look for a lower timeframe bullish setup.🔸 DAILY CHART ANALYSIS: https://www.tradingview.com/x/b5glkmDZ/