(Last Updated September 13, 2021 11:19 GMT)
At the moment, GBPCAD’s rate is up 4 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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)
GBPCAD is up 15 pips (0.08%) since yesterday (opening today near 1.75364), marking the 4th day in a row it has gone up. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 14th for the day in terms of price change. Let’s take a look at price chart of 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. 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 138.6 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for GBPCAD; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
For the past two weeks, we observed CAD weakness against several currencies including the Pound! As far as GBPCAD goes we are approaching a very important zone! A zone that stood steadily against bears since March this year!The bears’ dominance is subjected to lower timeframe price action, especially on H4 and H1! Any reversal pattern or candlestick formation will be taken as confirmation for bears’ dominance!