GBPCAD Down 11 Pips Over Past Hour; Moves Up For the 3rd Day In A Row

Hourly Update

(Last Updated January 1, 2021 3:20 GMT)

Currently, GBPCAD’s rate is down -11 pips (-0.06%) from the hour prior. This is the 2nd straight hour GBPCAD has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCAD. Given that we see an uptrend on the 20 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCAD is up 49 pips (0.28%) since the previous day (opening today near 1.74194), marking the 3rd day in a row an upward move has occurred. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 15th in terms of percentage change since the previous day. Below is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.7204, 1.7235, 1.7205 and 1.7204 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 50 day average, which is 184 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone up 19 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPCAD; just 1 sell signals and 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a elliott wave technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

SORRY DIDNT HAVE TIME TO POST MY THOUGHTS THIS MORNING. TREND ANALYSIS