GBPCAD Down 0 Pips Over Past Hour, Moves Down For the 4th Consecutive Day; Breaks Below 20 Day Average

Hourly Update

(Last Updated October 9, 2020 2:18 GMT)

At the time of this writing, GBPCAD’s rate is down 0 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCAD has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 20 and 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCAD is down 51 pips (0.3%) since the day prior (opening today near 1.70668), marking the 4th consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, GBPCAD ranked 32nd the day prior in terms of percentage price change. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: 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 5.7 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. 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. For additional context, note that price has gone down 18 out of the past 30 days.