(Last Updated October 8, 2020 2:18 GMT)
At the moment, GBPCAD’s rate is up 3 pips (0.02%) from the hour prior. This is the 2nd straight hour GBPCAD has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCAD. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 100 hour changed directions on GBPCAD; it is now pointing up. 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 is down 7 pips (0.04%) since the previous day (opening today near 1.7118), marking the 3rd day in a row a decline has happened. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 24th in terms of percentage change since the previous day. Below is a price chart of GBPCAD.
GBPCAD Technical Analysis
The first thing we should note is that 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 100 day average, which is 15.2 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Volatility for GBPCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 18 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.