GBP/CAD Makes Big Move Relative to Past Three Months, Moves Down For the 2nd Day In A Row; is Inching Close to 200 Day Average

GBP/CAD Price Recap

GBP/CAD is down 246 pips (1.44%) since yesterday (with its current price near 1.68713), marking the 2nd day in a row a decrease has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 3.98% from the day prior, but up 14.24% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/CAD ranked 27th yesterday in terms of percentage price change. Below is a price chart of GBP/CAD.

GBP/CAD Technical Analysis

The first thing we should note is that GBP/CAD is now close to its 20, 50, 100 and 200 day averages, located at 1.7274, 1.7208, 1.7168 and 1.6793 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days GBP/CAD’s price has gone up 15 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 11 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.55, 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 tradingview.com; below is a short snippet from it to give you a taste.

So here is our analysis on GBPCAD ….Its a very simple analysis….We have used SUPPORT and RESISTANCE line.