GBP/CAD Up 41 Pips On Hourly Chart, 5 Day Up Streak Ended; Crosses 200 Day Moving Average

Hourly Update

(Last Updated December 27, 2021 1:39 GMT)

At the moment, GBPCAD’s rate is up 41 pips (0.24%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved 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 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)

After 5 up days, GBPCAD snaps its streak, falling 55 pips (-0.32%) over the past day to close at an exchange rate of 1.71333. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 33rd for the day in terms of price change. Below is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPCAD crossed below its 200 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 100 day average, which is 0.1 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days GBPCAD’s price has gone up 17 them.