GBP/CAD Up 1 Pips in Last 4 Hours, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

GBP/CAD 4 Hour Price Update

Updated August 03, 2020 05:08 AM GMT (01:08 AM EST)

GBP/CAD is up 1 pips (0.01%) since the previous 4 hours (opening the current 4 hour candle near 1.7555), marking the 3rd candle in a row it has gone up. Compared to its peers in the Forex, GBP/CAD gave its buyers a return that ranked 14th in terms of percentage change since the previous 4 hours.

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 1.75467, up 6 pips (0.04%) since yesterday. Relative to other instruments in the Forex asset class, GBP/CAD ranked 12th yesterday in terms of percentage price change. Let’s take a look at price chart of GBP/CAD.

GBP/CAD

GBP/CAD Technical Analysis

The first thing we should note is that GBP/CAD is now close to its 20, 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 351.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 20 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 2 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.18, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Speaking of another pair for Pound GBP/CAD the situation looks not much different : the Resistance still prevails , but as we can see the Shooting Star and the Overbuy situation on the RSI indicator we can expect the FALL of the Price!