(Last Updated November 20, 2020 2:19 GMT)
Currently, GBPCAD’s rate is down -2 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 100 hour changed directions on GBPCAD; it is now pointing up. 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)
GBPCAD is down 21 pips (0.12%) since the day prior (opening today near 1.73302), marking the 2nd consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, GBPCAD ranked 24th the day prior in terms of percentage price change. The price chart of GBPCAD below illustrates.
GBPCAD Technical Analysis
Coming into today GBPCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 111.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 6 out of the past 10 days.