GBPCAD Up 3 Pips in Last Hour, Entered Today Up For the 3rd Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated March 31, 2021 0:21 GMT)

At the moment, GBPCAD’s rate is up 3 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPCAD has now gone up 4 of the past 5 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 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 up 11 pips (0.07%) since the previous day (opening today near 1.73385), marking the 3rd straight day an increase has occurred. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 16th in terms of percentage change since the previous day. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 45.4 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone down 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.