GBP/CAD Up 101 Pips On 4 Hour Chart, Came Into Today Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart

GBP/CAD 4 Hour Price Update

Updated March 25, 2020 01:36 PM GMT (09:36 AM EST)

GBP/CAD is up 101 pips (0.59%) since the last 4 hour candle (opening the current 4 hour candle near 1.711), marking the 2nd candle in a row an upward move has occurred. Compared to its peers in the Forex, GBP/CAD gave its buyers a return that ranked 8th in terms of percentage change since the last 4 hour candle.

GBP/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CAD is up 26 pips (0.15%) since the previous day (opening today near 1.702), marking the 3rd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, GBP/CAD ranked 14th the previous day 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 moving averages, which may act as price barrier for the asset. 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 200 day average, which is 144.2 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days GBP/CAD’s price has gone down 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 4 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.57, which is bearish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and trendline 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 pulling back to retest structure while also lining up with key fib levels. From this area we could see some sell orders enter the market and continue to push price lower.