GBPCAD Up 5 Pips Over Past Hour, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 15, 2021 18:19 GMT)

At the moment, GBPCAD’s rate is up 5 pips (0.03%) from the hour prior. GBPCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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 8 pips (0.04%) since the day prior (opening today near 1.68245), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 20th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today the current price of GBPCAD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 14 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

Not much in terms quality buy/sell signals we’re seeing for GBPCAD; just 1 sell signals and 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

https://www.tradingview.com/x/4X0Oomk1/ Been bearish for a long time this is the best area for bulls to come in.and its forming a 3 wave structure.