GBPCAD Up 9 Pips in Last Hour, Price Base in Formation Over Past 90 Days; Pin Bar Pattern Appearing on Chart
The closest is the 200 day average, which is 3.7 pips away.
GBPCAD
(Last Updated October 28, 2020)
Hello! This is the news page for GBPCAD. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
Over the past 90 days, a clear trend does not seem to be in place for GBPCAD. As such, this might be an opportunity for rangebound traders, or trend traders focused on longer timeframes.
GBPCAD Moving Averages
Nuances in the trend on GBPCAD can be understood by observing the behavior of its moving averages. The 100 and 200 day averages are pointing upwards, suggesting a bullish trend, in contrast to the downward-facing 20 and 50 day averages that imply a bearish trend. Ultimately, this suggests a bearish trend on shorter timeframes, compared to a bullish trend when observing more than 3 months of data. Moreover, today we saw the 20 moving average turn bearish.
Below is a chart showing GBPCAD’s price with its moving averages.
In terms of correlations over the past week for GBPCAD, it has been most correlated with GBPCHF. Over the past 14 days, however, the asset showing the strongest correlation to GBPCAD is GBPUSD. On the flip side, GBPNZD has been the asset least correlated with GBPCAD — but over the past two weeks, the asset least correlated with GBPCAD has been USDCAD. The chart below illustrates GBPCAD against its least correlated assets.
.
The View From the Weekly Timeframe
At the moment, GBPCAD’s rate is up 0.0085 (0.5%) from the week prior. Moreover, note that this is the 2nd consecutive week GBPCAD has seen its price head up. 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 5, 10 and 20 week timeframes. Regarding moving averages, it should first be noted that price has crossed the 20 and 50 week moving averages, resulting in them with price now being above them. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows GBPCAD’s price action over the past year.
GBPCAD: The Monthly View
Monthly outlook: choppy. Clear trends not visible on the 24, 60 and 120 month timeframes.
GBPCAD Up 2 Pips Over Past Hour, Price Base in Formation Over Past 90 Days; Pin Bar Pattern Appearing on Chart
Or to simplify this another way, note that out of the past 30 days gbpcad’s price has gone down 17 them.
GBPCAD Down 4 Pips On Hourly Chart, 2 Day Down Streak Snapped; Breaks Above 20, 50, 100 and 200 Day Averages
Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
GBPCAD Up 45 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; Breaks Below 20, 50 and 100 Day Averages
The closest is the 20 day average, which is 7.3 pips away.
GBPCAD Up 18 Pips in Last Hour, Breaks Below 200 Day Average; Price Base in Formation Over Past 14 Days
Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
GBPCAD Down 13 Pips Over Past Hour
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.
GBPCAD Up 3 Pips Over Past Hour
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.
GBPCAD Up 29 Pips in Last Hour, Sentiment Strongly Favors Sellers; Eyes 20 and 100 Day Averages
This move is a reversal from the hour prior, which saw price move down.
GBPCAD Up 29 Pips Over Past Hour, Entered Today Down For the 2nd Day In A Row; Nears 20 Day Moving Average
Of note is that the 50 hour changed directions on gbpcad; it is now pointing up.
GBPCAD Down 3 Pips in Last Hour, in a Downtrend Over Past 14 Days; Nears 20 and 100 Day Moving Averages
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.