GBP/CAD Up 6 Pips On Hourly Chart, 2 Day Down Streak Ended; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated July 13, 2022 1:40 GMT)

At the moment, GBPCAD’s rate is up 6 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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 entered today at 1.5475, up 10 pips (0.06%) from yesterday. Relative to other instruments in the Forex asset class, GBPCAD ranked 14th yesterday in terms of percentage price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD is now close to its 20 and 50 day averages, located at 1.5713 and 1.5829 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 18 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPCAD; just 2 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hey traders, in today’s trading session we are monitoring GBPCAD for a selling opportunity around 1.553 zone, once we will receive any bearish confirmation the trade will be executed.Trade safe, Joe.