(Last Updated July 29, 2022 1:41 GMT)
At the time of this writing, GBPCAD’s rate is down -7 pips (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists 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 back and forth price flow continues for GBPCAD, which started today off at 1.5585, down 9 pips 0.06% from the previous day. Relative to other instruments in the Forex asset class, GBPCAD ranked 11th the previous day in terms of percentage price change. Below is a price chart of GBPCAD.
GBPCAD Technical Analysis
Coming into today GBPCAD is now close to its 20 and 50 day averages, located at 1.5511 and 1.5719 respectively, and thus may be at a key juncture along those timeframes. 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 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 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.