GBPCAD Down 14 Pips Over Past Hour, Moves Up For the 3rd Day In A Row; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated October 6, 2021 10:19 GMT)

At the moment, GBPCAD’s rate is down -14 pips (-0.08%) from the hour prior. The hourly chart shows that GBPCAD has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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)

GBPCAD is up 17 pips (0.1%) since yesterday (opening today near 1.71477), marking the 3rd day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 22nd for the day in terms of price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Coming into today the current price of GBPCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 132 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone up 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.