GBPCAD Down 0 Pips Over Past Hour; Entered Today Down For the 4th Consecutive Day

Hourly Update

(Last Updated September 11, 2020 16:16 GMT)

At the moment, GBPCAD’s rate is down 0 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCAD is down 90 pips (0.52%) since the previous day (opening today near 1.70902), marking the 4th consecutive day a decline has happened. Relative to other instruments in the Forex asset class, GBPCAD ranked 28th the previous day in terms of percentage price change. 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 1.7334, 1.7258, 1.7182 and 1.7208 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 100 day average, which is 91.8 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 18 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCAD, with 10 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. 🙂 As for the rationale, technical traders seem to be citing the appearance of harmonic, relative strength index, trendline and triangle technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram