Hourly Update

(Last Updated October 19, 2022 1:41 GMT)

At the time of this writing, GBPCAD’s rate is up 10 pips (0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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)

GBPCAD entered today at 1.5556, down 22 pips (0.14%) from the previous day. Out of the 39 instruments in the Forex asset class, GBPCAD ended up ranking 28th for the day in terms of price change. Let’s take a look at price chart of GBPCAD.

GBPCAD Technical Analysis

Coming into today the current price of GBPCAD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone down 15 out of the past 30 days. Also, candlestick traders! Note we see doji and pin Bar Patterns Appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPCAD; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Minute wave of is now complete and the pair is now forming Minor wave . A possible opportunity to go short Minuette wave (iii) of IF wave 2 shows signs of a Zigzag.OR looking for Wave B then trade Wave COR wait for the next wave to go LONG

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