GBPCAD Down 1 Pips Over Past Hour, Came Into Today Up For the 2nd Day In A Row; Price Base in Formation Over Past 14 and 30 Days

Hourly Update

(Last Updated June 7, 2021 3:20 GMT)

At the moment, GBPCAD’s rate is down -1 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCAD has now gone down 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCAD. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 is up 28 pips (0.17%) since yesterday (opening today near 1.71106), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 11th in terms of percentage change since yesterday. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

First things first: GBPCAD crossed above its 20 day moving average 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 20 day average, which is 16.2 pips away. Volatility for GBPCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Also of note is that on the 14 and 30 day bases 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 15 out of the past 30 days.

The View From Around the Web

Not much commentary on GBPCAD that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPCAD Analysis wave elliot and trend analysis