GBPCAD Up 7 Pips On Hourly Chart, Moves Down For the 2nd Day In A Row; is Inching Close to 20, 50, 100 and 200 Day Averages

Hourly Update

(Last Updated July 22, 2021 3:20 GMT)

At the moment, GBPCAD’s rate is up 7 pips (0.04%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 is down 43 pips (0.25%) since the previous day (opening today near 1.7236), marking the 2nd day in a row a decline has happened. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 29th for the day in terms of 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 1.7228, 1.7166, 1.723 and 1.7283 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 100 day average, which is 5.7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 8 out of the past 14 days.