GBP/CAD Up 1 Pips Over Past Hour, Moves Up For the 2nd Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 8, 2022 1:42 GMT)

At the moment, GBPCAD’s rate is up 1 pips (0.01%) from the hour prior. This is the 2nd consecutive hour GBPCAD has seen its price head up. 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 is up 28 pips (0.18%) since the previous day (opening today near 1.57825), marking the 2nd straight day an increase has occurred. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 22nd in terms of percentage change since the previous day. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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 down 7 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!