(Last Updated February 19, 2021 23:20 GMT)
At the moment, GBPCAD’s rate is down -3 pips (-0.01%) from the hour prior. GBPCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCAD. Given that we see downtrend on the 20 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 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)
GBPCAD entered today at 1.77123, up 101 pips (0.58%) from yesterday. Relative to other instruments in the Forex asset class, GBPCAD ranked 2nd yesterday in terms of percentage price change. Below is a price chart of GBPCAD.
GBPCAD Technical Analysis
Coming into today GBPCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 30 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 up 7 them.