GBPCAD Up 4 Pips On Hourly Chart, Came Into Today Down For the 6th Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 14, 2020 23:16 GMT)

At the time of this writing, GBPCAD’s rate is up 4 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 is down 10 pips (0.06%) since the day prior (opening today near 1.68536), marking the 6th consecutive day it has gone down. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 25th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD is now close to its 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 100 day average, which is 317.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 19 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 15 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.36, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

🔸Price bounced at the Resistance Zone and started a strong downside move after that….🔸We consider that this pair has bearish potential towards the Major Support Zone in the long term, however, we need to be careful with the middle Support Zones in case we decide to short trade….🔸 Will look for a lower timeframe bearish setup.


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