GBP/CAD Down 6 Pips On 4 Hour Chart, Sentiment Strongly Favors Buyers; Doji and Pin Bar Patterns Appearing on Chart

GBP/CAD 4 Hour Price Update

Updated July 01, 2020 01:06 AM GMT (09:06 PM EST)

GBP/CAD is down 6 pips (0.04%) since the last 4 hour candle (opening the current 4 hour candle near 1.6816), marking the 2nd candle in a row a decline has happened. Compared to its peers in the Forex, GBP/CAD gave its buyers a return that ranked 32nd in terms of percentage change since the last 4 hour candle.

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 1.68153, down 1 pips (0%) since the day prior. Out of the 40 instruments in the Forex asset class, GBP/CAD ended up ranking 18th for the day in terms of price change. Let’s take a look at price chart of GBP/CAD.

GBP/CAD Technical Analysis

The first thing we should note is that 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 131.3 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days GBP/CAD’s price has gone up 6 them. And for candlestick traders, a special treat: there are doji and pin bar patterns 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 2 sell signals. This imputes a buy/sell ratio of 7, which is very bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

– Possible retest of H4 CO and further upside to 1.6900 daily target. – If the price action is breaking 1.68648 then we are on buy momentum.