GBPCAD Down 12 Pips Over Past Hour; is Inching Close to 20, 100 and 200 Day Averages

Hourly Update

(Last Updated November 17, 2020 2:19 GMT)

At the time of this writing, GBPCAD’s rate is down -12 pips (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them with price now being below it. 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 entered today at 1.72458, down 86 pips (0.5%) from yesterday. Relative to other instruments in the Forex asset class, GBPCAD ranked 34th yesterday 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 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 200 day average, which is 53.8 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 17 them.