GBP/CAD Down 43 Pips Over Past 4 Hours, Entered Today Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

GBP/CAD 4 Hour Price Update

Updated March 27, 2020 12:46 AM GMT (08:46 PM EST)

After 4 up four-hour candles, GBP/CAD snaps its streak, falling 43 pips (-0.25%) over the past four-hour candle to close at an exchange rate of 1.7119. Compared to its peers in the Forex, GBP/CAD gave its buyers a return that ranked 32nd in terms of percentage change since the previous 4 hours.

GBP/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CAD is up 19 pips (0.11%) since the day prior (opening today near 1.7116), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, GBP/CAD ranked 15th the day prior in terms of percentage price change. Here is a price chart of GBP/CAD.

GBP/CAD Technical Analysis

Coming into today the current price of GBP/CAD 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 20 day average, which is 42.7 pips away. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 4 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 1.33, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

wait for the doji candle to close for short entry