GBPCAD Down 3 Pips Over Past Hour, Came Into Today Down For the 2nd Consecutive Day; Breaks Below 20, 100 and 200 Day Averages

Hourly Update

(Last Updated April 23, 2021 2:20 GMT)

At the moment, GBPCAD’s rate is down -3 pips (-0.02%) from the hour prior. This is the 2nd consecutive hour GBPCAD has seen its price head down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCAD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 116 pips (0.67%) since the day prior (opening today near 1.73019), marking the 2nd consecutive day a decrease has occurred. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 33rd in terms of percentage change since the day prior. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

First things first: GBPCAD crossed below its 20, 100 and 200 day moving averages 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 5.1 pips away. It should be noted, though, the 20 and 100 day simple moving averages turned downwards, which may be a bearish sign. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days GBPCAD’s price has gone up 6 them.