GBPCAD Down 5 Pips in Last Hour, Crosses 200 Day Moving Average; Price Base in Formation Over Past 30 and 90 Days

Hourly Update

(Last Updated April 27, 2021 2:20 GMT)

At the moment, GBPCAD’s rate is down -5 pips (-0.03%) 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 50 hour timeframe. 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 1.72215, down 98 pips (0.57%) since the previous day. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 34th for the day in terms of price change. The price chart of GBPCAD below illustrates.

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 88 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days GBPCAD’s price has gone up 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 7 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.88, which is neutral. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hope that this idea help your trading, follow and support!