GBPCAD Down 9 Pips in Last Hour, 2 Day Down Streak Snapped; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated November 11, 2021 3:19 GMT)

At the moment, GBPCAD’s rate is down -9 pips (-0.05%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPCAD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 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 entered today at 1.68783, up 72 pips (0.43%) from the previous day. Relative to other instruments in the Forex asset class, GBPCAD ranked 9th the previous day in terms of percentage price change. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

The first thing we should note is that GBPCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.6966, 1.7179, 1.7244 and 1.728 respectively, and thus may be at a key juncture along those timeframes. 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 10 days GBPCAD’s price has gone down 6 them.