GBPCAD Down 1 Pips in Last Hour, Moves Down For the 3rd Day In A Row; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated January 7, 2021 2:20 GMT)

At the moment, GBPCAD’s rate is down 1 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCAD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 8 pips (0.05%) since yesterday (opening today near 1.72467), marking the 3rd day in a row it has gone down. Out of the 40 instruments in the Forex asset class, GBPCAD ended up ranking 26th for the day in terms of price change. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.7217, 1.7242, 1.7204 and 1.7203 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 50 day average, which is 4.6 pips away. 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 9 out of the past 14 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.