GBP/CAD Down 5 Pips On 4 Hour Chart, Came Into Today Up For the 3rd Day In A Row; Price Base in Formation Over Past 14 and 30 Days

GBP/CAD 4 Hour Price Update

Updated April 10, 2020 05:07 AM GMT (01:07 AM EST)

GBP/CAD is down 5 pips (0.03%) since the last 4 hour candle (opening the current 4 hour candle near 1.741), marking the 2nd candle in a row a decrease has occurred. Compared to its peers in the Forex, GBP/CAD gave its buyers a return that ranked 27th in terms of percentage change since the last 4 hour candle.

GBP/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CAD is up 7 pips (0.04%) since the previous day (opening today near 1.7413), marking the 3rd day in a row an upward move has occurred. Compared to its peers in the Forex, GBP/CAD gave its buyers a return that ranked 19th in terms of percentage change since the previous day. The price chart of GBP/CAD below illustrates.

GBP/CAD Technical Analysis

Notably, GBP/CAD is now close to its 20, 50 and 100 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 50 day average, which is 178.5 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. Also of note is that on the 14 and 30 day bases 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 10 days GBP/CAD’s price has gone down 5 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 12 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 2.4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The pair is approaching its long term resistance once again, after failing to sustain the upside after breaking through in early March….An important thing to note is the long term resistance almost exactly coincides with the 0.786 Fibonacci, providing further evidence this is a key resistance….Should we break the 0.618 resistance, we can expect upside to the long term resistance, given my long bias as the pair is trading above its 200 day moving average.