GBP/CAD Up 126 Pips Over Past 4 Hours; Pin Bar Pattern Appearing on Chart

GBP/CAD 4 Hour Price Update

Updated March 31, 2020 01:09 PM GMT (09:09 AM EST)

GBP/CAD, which opened the current 4 hour candle priced near 1.7601, is up 126 pips 0.72% since the last 4 hour candle, marking a reversal from the candle prior — and the end of a 3 four-hour candle negative run. Relative to other instruments in the Forex asset class, GBP/CAD ranked 3rd the last 4 hour candle in terms of percentage price change.

GBP/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CAD entered today at 1.7524, down 55 pips (0.31%) from yesterday. Out of the 40 instruments in the Forex asset class, GBP/CAD ended up ranking 37th for the day in terms of price change. Below is a price chart of GBP/CAD.

GBP/CAD Technical Analysis

Notably, the current price of GBP/CAD is sitting close to its 20, 50 and 100 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 50 day average, which is 322.1 pips away. For additional context, note that price has gone up 15 out of the past 30 days. 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

Of note is that traders in aggregate have opinions on GBPCAD, with 9 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 1.8, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

🔸 Weekly Chart Explanation: ..🔸 Price broke the Descending Trendline..🔸 After some weeks, it did a pullback towards the broken trendline..🔸 There was a strong rejection, so, we consider it has potential to reach the Resistance Zone..🔸 We will look for a lower timeframe bullish setup. 🔸DAILY CHART ANALYSIS:https://www.tradingview.com/x/g9hBm9el/