GBPCAD Up 3 Pips in Last Hour, 2 Day Down Streak Broken; Breaks Above 200 Day Average

Hourly Update

(Last Updated April 26, 2021 3:20 GMT)

Currently, GBPCAD’s rate is up 3 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 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 back and forth price flow continues for GBPCAD, which started today off at 1.73198, up 18 pips 0.1% from the previous day. Relative to other instruments in the Forex asset class, GBPCAD ranked 16th the previous day in terms of percentage price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

First things first: GBPCAD crossed above 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 11.2 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish 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. For additional context, note that price has gone up 7 out of the past 10 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPCAD; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com that we thought you might enjoy.