GBP/CAD Down 35 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 13, 2022 1:40 GMT)

Currently, GBPCAD’s rate is down -35 pips (-0.22%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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 doji 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 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 1.57463, down 111 pips 0.7% from the day prior. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 26th for the day in terms of price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

The first thing we should note is that GBPCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 16 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much commentary on GBPCAD that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Pelan Pelaburan- Limit Belian -Entri: 1.56814-1.57189Target Keuntungan: 100pipsTarget Kerugian: 28pipsNisbah Risiko dan Ganjaran: Lebih 1:3- Limit Jualan -Entri: 1.59777-1.60009Target Keuntungan: 100pipsTarget Kerugian: 23pipsNisbah Risiko dan Ganjaran: Lebih 1:3TAYOR