(Last Updated February 15, 2021 23:20 GMT)
At the time of this writing, GBPCAD’s rate is down -12 pips (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them so that price is now turning below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
GBPCAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of GBPCAD continues; to start today, it came in at a price of 1.75798, up 35 pips (0.2%) since the day prior. Relative to other instruments in the Forex asset class, GBPCAD ranked 10th the day prior in terms of percentage price change. The price chart of GBPCAD below illustrates.
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. Volatility for GBPCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days GBPCAD’s price has gone up 5 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPCAD, with 0 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
price is reaching most high of january , in my opinion there are a lot of sell orders waiting to push price at fresh demand zone. lets see what london session can bring to us