GBPCAD Down 4 Pips On Hourly Chart, Entered Today Up For the 2nd Consecutive Day; Crosses 20 Day Moving Average

Hourly Update

(Last Updated January 19, 2021 2:20 GMT)

Currently, GBPCAD’s rate is down -4 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCAD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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 30 pips (0.17%) since the day prior (opening today near 1.73243), marking the 2nd consecutive day an increase has occurred. Out of the 40 instruments in the Forex asset class, GBPCAD ended up ranking 10th for the day in terms of price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD crossed above its 20 day moving average yesterday. 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 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days GBPCAD’s price has gone up 5 them. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!