GBPCAD Down 0 Pips Over Past Hour, 4 Day Up Streak Snapped; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 15, 2021 1:19 GMT)

At the time of this writing, GBPCAD’s rate is down 0 pips (0%) from the hour prior. GBPCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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)

A moment of silence, please, for the end of GBPCAD’s 4 day up streak; price ended the day prior down 34 pips (-0.19%) to finish the day at a rate of 1.75025. Compared to its peers in the Forex, GBPCAD gave its buyers a return that ranked 29th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Coming into today GBPCAD is now close to its 20, 50, 100 and 200 day averages, located at 1.7403, 1.7369, 1.7239 and 1.7313 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 20 day average, which is 99.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.