GBPCAD Down 1 Pips Over Past Hour, 3 Day Down Streak Snapped; Nears 20 Day Moving Average

Hourly Update

(Last Updated November 5, 2021 23:26 GMT)

Currently, GBPCAD’s rate is down -1 pips (-0.01%) from the hour prior. This is the 3rd hour in a row GBPCAD has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCAD. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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, which opened today priced near 1.69558, is up 62 pips 0.37% since yesterday, marking a reversal from the day prior — and the end of a 3 day negative run. Relative to other instruments in the Forex asset class, GBPCAD ranked 11th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

The first thing we should note is that 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. 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. For additional context, note that price has gone up 5 out of the past 10 days.