GBPCAD Up 4 Pips On Hourly Chart, Crosses 20 and 50 Day Moving Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 22, 2021 2:20 GMT)

At the moment, GBPCAD’s rate is up 4 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPCAD has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

GBPCAD entered today at 1.73545, up 100 pips (0.58%) from the day prior. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 4th for the day in terms of price change. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD crossed above its 20 and 50 day moving averages yesterday. Volatility for GBPCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone down 9 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPCAD; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Can go on upward to test zone. Price is consolidation