GBPCAD Up 5 Pips On Hourly Chart, 2 Day Up Streak Snapped; Nears 200 Day Moving Average

Hourly Update

(Last Updated July 19, 2021 3:28 GMT)

At the time of this writing, GBPCAD’s rate is up 5 pips (0.03%) from the hour prior. This is the 3rd straight hour GBPCAD has seen its price head 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 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 choppiness in the recent daily price action of GBPCAD continues; to start today, it came in at a price of 1.73548, down 67 pips (0.38%) since the previous day. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 36th in terms of percentage change since the previous day. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Notably, 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 74.7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone up 8 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCAD, with 5 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 1.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

still a bullish market, price is expected to reject at the bullish OB at 1.7326 and rally up to break the high at 1.7427 and go all the way to the liquidity void above before the next price movement can be decided.