GBPCAD Up 4 Pips On Hourly Chart; 3 Day Down Streak Snapped

Hourly Update

(Last Updated May 4, 2021 2:20 GMT)

Currently, GBPCAD’s rate is up 4 pips (0.03%) from the hour prior. GBPCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCAD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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, which opened today priced near 1.70707, is up 93 pips 0.55% since the day prior, marking a reversal from the day prior — and the end of a 3 day negative run. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 3rd for the day in terms of price change. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.7273, 1.7385, 1.7389 and 1.731 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 202.6 pips away. It should be noted, though, the 100 and 200 day simple moving averages turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone up 8 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPCAD; just 0 sell signals and 2 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

long call! entry set with stop loss and TP this is one looks like a possible swing but ill be doing re entries and reversal catches forsure