GBP/CAD Down 3 Pips Over Past Hour, in a Downtrend Over Past 30 Days; Eyes 20 Day Average

Hourly Update

(Last Updated September 16, 2022 1:42 GMT)

At the moment, GBPCAD’s rate is down -3 pips (-0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPCAD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 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)

The back and forth price flow continues for GBPCAD, which started today off at 1.5169, down 16 pips 0.11% from the previous day. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 27th in terms of percentage change since the previous day. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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 30 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 5 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 7 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

https://www.tradingview.com/x/6atOJOxJ/ Hello, Friends! GBP/CAD is trading In wayThat I predicted previously And now the pair is retestingA hidden bank’s levelSo I think a bullish move will follow! BUY! ✅LIKE AND COMMENT MY IDEAS✅