GBPCAD Down 8 Pips On Hourly Chart, Came Into Today Down For the 2nd Straight Day; Social Sentiment Biased Towards Selling

Hourly Update

(Last Updated April 30, 2021 4:21 GMT)

At the moment, GBPCAD’s rate is down -8 pips (-0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend 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 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCAD is down 41 pips (0.24%) since the previous day (opening today near 1.71285), marking the 2nd straight day a decrease has occurred. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 32nd in terms of percentage change since the previous day. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.731, 1.7412, 1.739 and 1.7311 respectively, and thus may be at a key juncture along those timeframes. 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 181.1 pips away. For additional context, note that price has gone down 15 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCAD, with 1 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GbpCad has break the support.You can see that it is going to retestWe can go short on GbpCad at: 1.7150rr 1:5Stop Loss 1.7210Target 1.6850