GBP/CAD Down 53 Pips; in an Uptrend Over Past 14 Days

GBP/CAD Price Recap

GBP/CAD is down 53 pips (0.3%) since yesterday (with its current price near 1.7659), marking the 2nd day in a row a decrease has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 12.55% from the day prior, but up 43.39% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/CAD ranked 23rd yesterday in terms of percentage price change. Below is a price chart of GBP/CAD.

GBP/CAD Technical Analysis

Coming into today GBP/CAD is now close to its 20 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 up. Or to simplify this another way, note that out of the past 30 days GBP/CAD’s price has gone up 17 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCAD, with 1 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.1, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The current price movement is in the strong support zone….My estimation, price is going down to close the gap that was formed last Monday….A long candle bear that covers the body of the previous candle indicates a reaction of rejection from sellers that is strong enough, seen a bearish butterfly pattern, at least the price decline can reach the point of fibo 0.5, as well as it will close the gap.