GBPCAD Up 13 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Nears 20 and 100 Day Moving Averages

Hourly Update

(Last Updated October 15, 2020 2:18 GMT)

At the moment, GBPCAD’s rate is up 13 pips (0.08%) from the hour prior. The hourly chart shows that GBPCAD has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, with price now being above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The choppiness in the recent daily price action of GBPCAD continues; to start today, it came in at a price of 1.70878, up 98 pips (0.58%) since the day prior. Relative to other instruments in the Forex asset class, GBPCAD ranked 3rd the day prior in terms of percentage price change. Below 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 1.7095, 1.7206, 1.7138 and 1.719 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 20 day average, which is 7.4 pips away. It should be noted, though, the 20 and 200 day simple moving averages turned upwards, which may be a bullish sign. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 6 out of the past 10 days.