Hourly Update

(Last Updated November 29, 2022 1:42 GMT)

At the moment, GBPCAD’s rate is down -1 pips (-0.01%) from the hour prior. Gbpcad has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on GBPCAD. Given that we see downtrend 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, which opened today priced near 1.6138, is down 42 pips 0.26% since the previous day, marking a reversal from the day prior — and the end of a 6 day positive run. Relative to other instruments in the Forex asset class, GBPCAD ranked 21st the previous day in terms of percentage price change. Here is a price chart of GBPCAD.

GBPCAD Technical Analysis

The first thing we should note is that GBPCAD is now close to its 200 day moving averages, which may act as price barrier for the asset. 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 200 day average, which is 314.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 8 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The post GBP/CAD Down 1 Pips On Hourly Chart, 6 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart appeared first on CFDTrading.