GBPCAD Down 6 Pips On Hourly Chart, 5 Day Down Streak Snapped; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated October 15, 2021 1:19 GMT)

Currently, GBPCAD’s rate is down -6 pips (-0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCAD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

A moment of silence, please, for the end of GBPCAD’s 5 day down streak; price ended yesterday up 63 pips (0.37%) to finish the day at a rate of 1.70031. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 10th in terms of percentage change since yesterday. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD is now close to its 20, 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 20 day average, which is 211.2 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 17 them.