GBP/CAD Down 78 Pips; Crosses 100 Day Moving Average

GBP/CAD Price Recap

The back and forth price flow continues for GBP/CAD, which starts today off at 1.7117 US dollars, down 78 pips 0.46% from the previous day. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 6.65% from the day prior, but down 26.35% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/CAD ended up ranking 30th for the day in terms of day-over-day price change. The price chart of GBP/CAD below illustrates.

GBP/CAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBP/CAD crossed below its 100 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 6 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.38, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

The time frame i have used is 30M and H1….As we can see that the pair is in middle of the support and resistance but, it broke the trendline resistance, after that it did fall back a bit….So there are possibilities for the trade to reach its resistance level.