GBP/CAD Down 5 Pips in Last Hour, 5 Day Down Streak Ended; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated May 2, 2022 1:40 GMT)

At the time of this writing, GBPCAD’s rate is down -5 pips (-0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 an uptrend 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)

GBPCAD, which opened today priced near 1.61657, is up 205 pips 1.29% since yesterday, marking a reversal from the day prior — and the end of a 5 day negative run. Relative to other instruments in the Forex asset class, GBPCAD ranked 3rd yesterday in terms of percentage price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD is now close to its 20 day averages, located at 1.6333 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 19 them.