GBP/CAD Up 91 Pips in Last 4 Hours, 3 Day Down Streak Broken; in a Downtrend Over Past 14 Days

GBP/CAD 4 Hour Price Update

Updated March 24, 2020 03:18 AM GMT (11:18 PM EST)

The choppiness in the recent four-hour candle price action of GBP/CAD continues; to start the current 4 hour candle, it came in at a price of 1.6785, up 91 pips (0.55%) since the last 4 hour candle. Compared to its peers in the Forex, GBP/CAD gave its buyers a return that ranked 13th in terms of percentage change since the last 4 hour candle.

GBP/CAD Daily New York Session Recap

Updated 21:00 GMT (17:00 EST)

A moment of silence, please, for the end of GBP/CAD’s 3 day down streak; price ended the close of the previous day’s New York session up 29 pips (0.17%) to finish the day at a rate of 1.66962. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 18.16% from the day prior, but up 10.57% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/CAD ranked 19th the close of the previous day’s New York session in terms of percentage price change. Here is a price chart of GBP/CAD.

GBP/CAD Technical Analysis

Coming into today GBP/CAD is now close to its 200 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 7 out of the past 14 days. 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

We’re seeing some traders come out with interesting conviction on GBPCAD, with 5 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 1.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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