GBP/CAD Up 8 Pips Over Past Hour, 3 Day Down Streak Snapped; Eyes 20 Day Average

Hourly Update

(Last Updated June 23, 2022 1:41 GMT)

At the time of this writing, GBPCAD’s rate is up 8 pips (0.05%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPCAD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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)

A moment of silence, please, for the end of GBPCAD’s 3 day down streak; price ended the day prior up 19 pips (0.12%) to finish the day at a rate of 1.5884. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 15th in terms of percentage change since the day prior. Below is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Notably, GBPCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days.