GBPCAD Up 5 Pips Over Past Hour; Entered Today Down For the 3rd Consecutive Day

Hourly Update

(Last Updated May 3, 2021 2:20 GMT)

At the time of this writing, GBPCAD’s rate is up 5 pips (0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCAD has now gone down 8 of the past 10 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 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 is down 151 pips (0.88%) since yesterday (opening today near 1.69776), marking the 3rd consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 36th for the day in terms of price change. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today the current price of GBPCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 313 pips away. It should be noted, though, the 100 and 200 day simple moving averages turned downwards, which may be a bearish sign. For additional context, note that price has gone down 15 out of the past 30 days.