(Last Updated February 19, 2021 0:22 GMT)
At the moment, GBPCAD’s rate is up 1 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
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 1.7611, down 38 pips 0.21% from the previous day. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 27th in terms of percentage change since the previous day. Below is a price chart of GBPCAD.
GBPCAD Technical Analysis
Coming into today the current price of GBPCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for GBPCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 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 5 them. Also, candlestick traders! Note we see doji pattern appearing here as well.