GBPCAD Down 16 Pips Over Past Hour, Tops All Forex; Makes Big Move Relative to Past Month – CFDTrading

Hourly Update

(Last Updated April 20, 2021 2:20 GMT)

At the time of this writing, GBPCAD’s rate is down -16 pips (-0.09%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCAD has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCAD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 is up 214 pips (1.24%) since the day prior (opening today near 1.75223), marking the 4th day in a row an upward move has occurred. For context, observe that the day prior was noteworthy in the sense that GBPCAD bested all 39 of the assets in the Forex class. Here is a price chart of GBPCAD.

GBPCAD

GBPCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPCAD crossed above its 20, 50 and 100 day moving averages yesterday. 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 50 day average, which is 62.2 pips away. It should be noted, though, the 20, 50 and 100 day simple moving averages turned upwards, which may be a bullish sign. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days GBPCAD’s price has gone up 7 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCAD, with 4 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

Price action through the turn of April suggests that better days may be ahead for the GBP-crosses.

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