GBPCAD Down 9 Pips On Hourly Chart, Price Base in Formation Over Past 30 and 90 Days; Eyes 20 and 200 Day Averages

Hourly Update

(Last Updated April 28, 2021 2:20 GMT)

At the moment, GBPCAD’s rate is down -9 pips (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. 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 entered today at 1.72491, up 28 pips (0.16%) from the previous day. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 16th for the day in terms of price change. The price chart of GBPCAD below illustrates.

GBPCAD

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 200 day average, which is 61.3 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 16 out of the past 30 days. Also, candlestick traders! Note we see doji pattern appearing here as well.

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 1 sell signals. This imputes a buy/sell ratio of 9, which is very bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

– Possible bullish pullback price movement towards the resistance 1.75100 within the next period.