GBP/CAD Up 7 Pips Over Past Hour, 2 Day Down Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 23, 2021 1:42 GMT)

Currently, GBPCAD’s rate is up 7 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCAD. Given that we see an uptrend on the 20, 10 and 5 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 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)

The back and forth price flow continues for GBPCAD, which started today off at 1.70199, up 25 pips 0.15% from yesterday. Relative to other instruments in the Forex asset class, GBPCAD ranked 20th yesterday in terms of percentage price change. The price chart of GBPCAD below illustrates.

GBPCAD

GBPCAD Technical Analysis

Notably, 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. 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. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.