GBPCAD Up 8 Pips On Hourly Chart, 2 Day Up Streak Snapped; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated September 3, 2021 2:19 GMT)

At the time of this writing, GBPCAD’s rate is up 8 pips (0.05%) from the hour prior. GBPCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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 entered today at 1.7366, down 18 pips (0.1%) from the previous day. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 22nd for the day in terms of price change. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

First things first: GBPCAD crossed below its 20 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 20 day average, which is 6.6 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 16 out of the past 30 days.