GBP/CAD 4 Hour Price Update
Updated July 22, 2020 09:19 AM GMT (05:19 AM EST)
GBP/CAD is down 34 pips (0.2%) since the previous 4 hours (opening the current 4 hour candle near 1.7071), marking the 3rd candle in a row a decrease has occurred. Out of the 37 instruments in the Forex asset class, GBP/CAD ended up ranking 32nd for the four-hour candle in terms of price change.
GBP/CAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBP/CAD is down 16 pips (0.1%) since yesterday (opening today near 1.71177), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, GBP/CAD ranked 37th yesterday in terms of percentage price change. Let’s take a look at price chart of GBP/CAD.
GBP/CAD Technical Analysis
Coming into today 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 100 day average, which is 54.1 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Volatility for GBP/CAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPCAD, with 8 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.44, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
GBPCAD: Rising WedgePlease don’t forget to FOLLOW , LIKE and COMMENT …If you like my analysis:)Thank you and Good Luck!