GBPCAD Up 3 Pips On Hourly Chart, 4 Day Down Streak Broken; Crosses 20 Day Moving Average

Hourly Update

(Last Updated October 12, 2020 2:19 GMT)

Currently, GBPCAD’s rate is up 3 pips (0.02%) 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. 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCAD, which opened today priced near 1.71058, is up 39 pips 0.23% since the previous day, marking a reversal from the day prior — and the end of a 4 day negative run. Out of the 40 instruments in the Forex asset class, GBPCAD ended up ranking 15th for the day in terms of price change. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, 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 20.7 pips away. For additional context, note that price has gone down 8 out of the past 14 days.