GBP/CAD Up 33 Pips On 4 Hour Chart, 3 Day Up Streak Snapped; Breaks Below 200 Day Average

GBP/CAD 4 Hour Price Update

Updated March 26, 2020 05:14 AM GMT (01:14 AM EST)

A moment of silence, please, for the end of GBP/CAD’s 4 four-hour candle down streak; price ended the previous 4 hours up 33 pips (0.2%) to finish the four-hour candle at a rate of 1.6879. Out of the 40 instruments in the Forex asset class, GBP/CAD ended up ranking 15th for the four-hour candle in terms of price change.

GBP/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CAD, which opened today priced near 1.682, is down 200 pips 1.18% since the previous day, marking a reversal from the day prior — and the end of a 3 day positive run. Out of the 40 instruments in the Forex asset class, GBP/CAD ended up ranking 30th for the day in terms of price change. Below is a price chart of GBP/CAD.

GBP/CAD Technical Analysis

Notably, GBP/CAD crossed below its 200 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 200 day average, which is 59.2 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 16 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar and evening star patterns appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCAD, with 5 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

My small account needs patienceNo over confidence.Losses are real :)NB/ entry on retrace preferred or candles according to trend. Patience.Small risk for better reward, Dont gamble !