GBP/CAD Up 4 Pips in Last Hour, 5 Day Down Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 3, 2022 1:42 GMT)

Currently, GBPCAD’s rate is up 4 pips (0.02%) from the hour prior. The hourly chart shows that GBPCAD has seen 2 straight up 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 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)

A moment of silence, please, for the end of GBPCAD’s 5 day up streak; price ended yesterday down 0 pips (0%) to finish the day at a rate of 1.58087. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 24th for the day in terms of price change. The price chart of GBPCAD below illustrates.


GBPCAD Technical Analysis

Notably, the current price of GBPCAD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone down 18 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.