GBPCAD Up 5 Pips On Hourly Chart, Moves Down For the 3rd Consecutive Day; Breaks Below 200 Day Average

Hourly Update

(Last Updated April 9, 2021 3:20 GMT)

At the time of this writing, GBPCAD’s rate is up 5 pips (0.03%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 down 76 pips (0.44%) since yesterday (opening today near 1.72553), marking the 3rd consecutive day it has gone down. Relative to other instruments in the Forex asset class, GBPCAD ranked 29th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD crossed below its 200 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 200 day average, which is 36.2 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 7 out of the past 14 days.