GBPCAD Down 6 Pips On Hourly Chart, in a Downtrend Over Past 90 Days; is Inching Close to 20 Day Average

Hourly Update

(Last Updated June 2, 2021 2:21 GMT)

At the moment, GBPCAD’s rate is down -6 pips (-0.03%) from the hour prior. The hourly chart shows that GBPCAD has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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)

GBPCAD entered today at 1.70887, down 66 pips (0.38%) from the previous day. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 31st in terms of percentage change since the previous day. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.7077, 1.7202, 1.7352 and 1.7279 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 11.6 pips away. 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. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone up 7 them.

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 0 sell signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

The Sterling-commodity currency crosses have been rangebound for quite some time. Will that change?