GBPCAD Down 3 Pips Over Past Hour, Moves Down For the 2nd Straight Day; Breaks Below 20 Day Average

Hourly Update

(Last Updated June 3, 2021 4:21 GMT)

Currently, GBPCAD’s rate is down -3 pips (-0.02%) 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 100 hour timeframe. 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 29 pips (0.17%) since the day prior (opening today near 1.70594), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, GBPCAD ranked 28th the day prior in terms of percentage price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

First things first: 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 17.5 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 16 them. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 1 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.2, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

As we anticipated buys we also have sell limit to counter.