GBPCAD Up 39 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 6, 2020 15:17 GMT)

Currently, GBPCAD’s rate is up 39 pips (0.23%) 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 trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them so that price is now turning above it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCAD entered today at 1.72031, down 5 pips (0.03%) from the previous day. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 27th in terms of percentage change since the previous day. Below is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today 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 200 day average, which is 13.8 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone up 7 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

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 6 sell signals. This imputes a buy/sell ratio of 0.83, which is neutral. Here’s a piece we found on tradingview.com that we thought you might enjoy.