GBP/CAD Up 15 Pips On Hourly Chart, Crosses 20 Day Moving Average; But Still in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated June 17, 2022 1:40 GMT)

At the moment, GBPCAD’s rate is up 15 pips (0.09%) from the hour prior. GBPCAD has seen its price go up 9 out of the past 10 hours, thus creating some compelling opportunities for bulls. 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 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 up 317 pips (2.02%) since the previous day (opening today near 1.6014), marking the 2nd consecutive day an upward move has occurred. GBPCAD outperformed all 39 assets in the Forex asset class the previous day. Congrats to its holders! The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD crossed above its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone down 8 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCAD, with 7 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 3.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

There was a STRONG rejection of lower price to for a long wick. Afterwards price went up in a great bullish momentum for about 260pips and very likely to continue.