GBPCAD Down 11 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; 4 Day Up Streak Ended

Hourly Update

(Last Updated June 10, 2021 18:23 GMT)

Currently, GBPCAD’s rate is down -11 pips (-0.06%) from the hour prior. GBPCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Of note is that the 100 hour changed directions on GBPCAD; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 1.7095, is down 43 pips 0.25% since the previous day, marking a reversal from the day prior — and the end of a 4 day positive run. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 33rd in terms of percentage change since the previous day. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

First things first: GBPCAD crossed below 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 6.2 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 8 out of the past 14 days.