GBPCAD Up 4 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; 2 Day Up Streak Snapped

Hourly Update

(Last Updated October 14, 2020 2:18 GMT)

Currently, 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. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji 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 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 entered today at 1.69896, down 139 pips (0.81%) from the day prior. Out of the 40 instruments in the Forex asset class, GBPCAD ended up ranking 37th for the day in terms of price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPCAD crossed below 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 105.5 pips away. It should be noted, though, the 20 and 200 day simple moving averages turned downwards, which may be a bearish sign. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone down 8 them.