GBPCAD Up 5 Pips Over Past Hour, Entered Today Down For the 4th Consecutive Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated March 26, 2021 1:20 GMT)

At the time of this writing, GBPCAD’s rate is up 5 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 200 hour moving average, resulting in them so that price is now turning above it. 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 81 pips (0.47%) since the previous day (opening today near 1.72127), marking the 4th consecutive day a decline has happened. Relative to other instruments in the Forex asset class, GBPCAD ranked 36th the previous day in terms of percentage price change. Below is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD crossed below its 200 day moving average yesterday. 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 54.9 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 10 out of the past 14 days.