(Last Updated July 13, 2021 1:19 GMT)
Currently, GBPCAD’s rate is down 1 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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 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 choppiness in price, as the 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 up 17 pips (0.1%) since the day prior (opening today near 1.72978), marking the 5th straight day an upward move has occurred. Relative to other instruments in the Forex asset class, GBPCAD ranked 16th the day prior in terms of percentage price change. The price chart of GBPCAD below illustrates.
GBPCAD Technical Analysis
Coming into today the current price of GBPCAD is sitting close to its 20, 50, 100 and 200 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 200 day average, which is 22.1 pips away. 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 10 days GBPCAD’s price has gone up 7 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!