GBP/CAD Down 2 Pips in Last Hour, Came Into Today Up For the 3rd Consecutive Day; Nears 200 Day Moving Average

Hourly Update

(Last Updated November 23, 2022 2:25 GMT)

At the moment, GBPCAD’s rate is down -2 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCAD. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 up 11 pips (0.07%) since yesterday (opening today near 1.5897), marking the 3rd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, GBPCAD ranked 13th yesterday in terms of percentage price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Notably, the current price of GBPCAD is sitting close to its 20 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 50 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days GBPCAD’s price has gone up 8 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPCAD; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Comment:GBPCAD is bullish and about to break Daily resistance level of 1.5975 level.Ichimoku Trend Analysis- Kumo (Senko span A) is up- Tenkan sen up- Chiko span above candlesNext Scenario:Candles also showing inside bar, so better to wait for 1.5975 breakout and follow uptrend afterwards.