GBPCAD Up 29 Pips Over Past Hour, Entered Today Down For the 2nd Day In A Row; Nears 20 Day Moving Average

Hourly Update

(Last Updated October 19, 2020 10:18 GMT)

At the moment, GBPCAD’s rate is up 29 pips (0.17%) from the hour prior. GBPCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Of note is that the 50 hour changed directions on GBPCAD; it is now pointing up. 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 31 pips (0.18%) since yesterday (opening today near 1.70267), marking the 2nd day in a row a decrease has occurred. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 30th in terms of percentage change since yesterday. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Notably, the current price of GBPCAD 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 66.7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 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 10 days.