GBP/CAD Up 4 Pips On Hourly Chart, 2 Day Up Streak Broken; Sentiment Strongly Favors Sellers

Hourly Update

(Last Updated November 19, 2021 1:43 GMT)

At the time of this writing, GBPCAD’s rate is up 4 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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)

The choppiness in the recent daily price action of GBPCAD continues; to start today, it came in at a price of 1.7009, down 5 pips (0.03%) since yesterday. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 29th for the day in terms of price change. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 1 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.12, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hi guys, a new signal arrived on GBP, declining in overbought area. According to the strategy, you can have a look to havemore details, the currency to buy was CAD. So Sell GBOCAD, SL 5 times ATR20TP1 at EMA50TP2 at EMA 100Enjoy your wallet!Tari.