GBPCAD Up 12 Pips Over Past Hour, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated October 8, 2021 10:20 GMT)

At the moment, GBPCAD’s rate is up 12 pips (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend 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 down 20 pips (0.12%) since the day prior (opening today near 1.70865), marking the 2nd straight day it has gone down. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 30th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.7322, 1.736, 1.7279 and 1.7323 respectively, and thus may be at a key juncture along those timeframes. 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 100 day average, which is 192.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days GBPCAD’s price has gone down 6 them. Also, candlestick traders! Note we see doji pattern appearing here as well.