GBP/CAD 4 Hour Price Update
Updated July 24, 2020 09:09 PM GMT (05:09 PM EST)
The choppiness in the recent four-hour candle price action of GBP/CAD continues; to start the current 4 hour candle, it came in at a price of 1.7159, down 14 pips (0.08%) since the last 4 hour candle. Relative to other instruments in the Forex asset class, GBP/CAD ranked 30th the last 4 hour candle in terms of percentage price change.
GBP/CAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of GBP/CAD continues; to start today, it came in at a price of 1.70663, down 19 pips (0.11%) since the previous day. On a relative basis, GBP/CAD was the worst performer out of all 40 of the assets in the Forex asset class. Here is a price chart of GBP/CAD.
GBP/CAD Technical Analysis
Coming into today GBP/CAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 16 pips away. Volatility for GBP/CAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 9 out of the past 14 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
We’re seeing some traders come out with interesting conviction on GBPCAD, with 14 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 3.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
The GBP/CAD is moving inside the Ascending Triangle pattern. As the price has hit the Resistance line , the last candle is the Shooting Star and the Volatility is pretty wide the FALL is expected to occur.