Hourly Update

(Last Updated October 14, 2022 1:43 GMT)

Currently, GBPCAD’s rate is down -10 pips (-0.06%) 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. 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 pin bar 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 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)

GBPCAD is up 253 pips (1.65%) since yesterday (opening today near 1.5594), marking the 2nd day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 4th for the day in terms of price change. The price chart of GBPCAD below illustrates.

GBPCAD Technical Analysis

First things first: GBPCAD crossed above its 100 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 15 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 6 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 3, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Pair Name : GBP/CADTime Frame : 4hrs Scale Type : Large Scale—— spreading knowledge among us and to clarify the most important points of entry, exit and entry with more than 5 reasonsWe seek to spread understanding rather than make money Key Technical / long Side ( aftre Retest )Type : Mid Term Swing——————————— Bullish Break 1.55300 Area Reasons – Major Turn level – Visible Range poc / lvn – Trend Break Out – Prev Weekly High – Prev Monthly high- x6 Retest level Bearish Reversal 1.62500 Area Reasons – Major turn level – Pattern Target Area – Fibo Golden zone- Prev Year High Area

The post GBP/CAD Down 10 Pips On Hourly Chart, Entered Today Up For the 2nd Day In A Row; Breaks Above 100 Day Average appeared first on CFDTrading.