GBP/CAD Down 9 Pips Over Past 4 Hours, Makes Big Move Relative to Two Week Trend; Price Base in Formation Over Past 14 Days

GBP/CAD 4 Hour Price Update

Updated July 02, 2020 01:15 AM GMT (09:15 PM EST)

After 4 up four-hour candles, GBP/CAD snaps its streak, falling 9 pips (-0.05%) over the past four-hour candle to close at an exchange rate of 1.6943. Relative to other instruments in the Forex asset class, GBP/CAD ranked 23rd the previous 4 hours in terms of percentage price change.

GBP/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of GBP/CAD continues; to start today, it came in at a price of 1.69444, down 3 pips (0.01%) since the day prior. Out of the 40 instruments in the Forex asset class, GBP/CAD ended up ranking 23rd for the day in terms of price change. Here is a price chart of GBP/CAD.

GBP/CAD Technical Analysis

Coming into today the current price of GBP/CAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 3 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 6 out of the past 10 days. 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 10 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 1.25, 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; below is a short snippet from it to give you a taste.

Hello guys, In GBPCAD case, we have 2 double bottoms, the first one highlighted in green, the second one in blue, most likely we will have the following scenarios : 1- The first move will be probably downward to test the 1 H chart double bottom neckline (highlighted in blue/ level 1.6855)….2- Firssecond move will be probably upward to resume the uptrend of the first double bottom ( highlighted in green)….3- If the price goes above the red trendline, we may see a downward move to test the neckline of the first double bottom ( highlighted in green/ level 1.699-1.6967 ).