GBP/CAD Down 67 Pips in Last 4 Hours, Makes Big Move Relative to Past Two Months; Moves Up For the 8th Day In A Row

GBP/CAD 4 Hour Price Update

Updated July 31, 2020 05:08 PM GMT (01:08 PM EST)

The choppiness in the recent four-hour candle price action of GBP/CAD continues; to start the current 4 hour candle, it came in at a price of 1.7573, down 67 pips (0.38%) since the last 4 hour candle. Out of the 37 instruments in the Forex asset class, GBP/CAD ended up ranking 33rd for the four-hour candle in terms of price change.

GBP/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CAD is up 18 pips (0.1%) since the previous day (opening today near 1.75937), marking the 8th day in a row an upward move has occurred. Compared to its peers in the Forex, GBP/CAD gave its buyers a return that ranked 15th in terms of percentage change since the previous day. The price chart of GBP/CAD below illustrates.

GBP/CAD Technical Analysis

The first thing we should note is that the current price of GBP/CAD is sitting close to its 20 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 417.1 pips away. The clearest trend exists on the 14 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 up 12 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCAD, with 5 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.56, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, supply zone and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price at the top of the channel what nextTrade with care use a stop loss

 

https://www.cfdtrading.com/gbp...