GBPCAD Down 3 Pips On Hourly Chart, 3 Day Down Streak Snapped; Breaks Above 20 Day Average

Hourly Update

(Last Updated September 8, 2021 12:19 GMT)

At the time of this writing, GBPCAD’s rate is down -3 pips (-0.01%) from the hour prior. This is the 3rd consecutive hour GBPCAD has seen its price head down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on GBPCAD. Given that we see an uptrend on the 10 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)

GBPCAD, which opened today priced near 1.74275, is up 85 pips 0.49% since yesterday, marking a reversal from the day prior — and the end of a 3 day negative run. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 6th for the day in terms of price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD crossed above 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 56.4 pips away. It should be noted, though, the 20 and 200 day simple moving averages turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone down 8 them.