GBP/CAD Down 6 Pips in Last Hour, 2 Day Down Streak Broken; Eyes 50 Day Average

Hourly Update

(Last Updated August 5, 2022 1:42 GMT)

Currently, GBPCAD’s rate is down -6 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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 1.5646, up 50 pips (0.32%) since the day prior. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 12th in terms of percentage change since the day prior. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD is now close to its 20, 50 and 100 day averages, located at 1.5527, 1.5675 and 1.5957 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days GBPCAD’s price has gone up 5 them.