GBPCAD Up 5 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Breaks Above 20, 50, 100 and 200 Day Averages

Hourly Update

(Last Updated November 12, 2020 1:18 GMT)

Currently, GBPCAD’s rate is up 5 pips (0.03%) from the hour prior. The hourly chart shows that GBPCAD has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for GBPCAD, which started today off at 1.7292, up 174 pips 1.02% from the day prior. Out of the 40 instruments in the Forex asset class, GBPCAD ended up ranking 6th for the day in terms of price change. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD crossed above its 20, 50, 100 and 200 day moving averages yesterday. 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 200 day average, which is 101.5 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 17 them.