GBP/CAD Up 5 Pips Over Past Hour, Price Base in Formation Over Past 14 Days; Eyes 200 Day Average

Hourly Update

(Last Updated November 12, 2020 1:31 GMT)

At the moment, GBPCAD’s rate is up 0.0005 (0.03%) from the hour prior. The hourly chart shows that GBPCAD has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for GBPCAD, which started today off at 1.72693, down 23 pips 0.13% from the day prior. Relative to other instruments in the Forex asset class, GBPCAD ranked 28th the day prior in terms of percentage price change. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

The first thing we should note is that 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 200 day average, which is 78.8 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days GBPCAD’s price has gone up 5 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCAD, with 8 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.33, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

My approach will be a sell at current price 1.72800Maintain stop loss around 1.73500Potential downside target 1.71700Follow the levels as mentioned in the chart & description above Trade as per your risk appetite, I will be glad to see your likes & comment….Managed by top most renowned trader – Pulak Priyesh 10 + years of trading experience Professional Day trader Excellence award winning mentor Professional chart, clear chart without junks….Major S/R levels with inner insights Frequent Day & Swing trade levels All major and minor FX/INDICES covered.