GBPCAD Down 27 Pips On Hourly Chart, 3 Day Up Streak Ended; in an Uptrend Over Past 14 Days

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Hourly Update (Last Updated January 6, 2021 17:20 GMT) At the moment, GBPCAD’s rate is down -27 pips (-0.15%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists 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 downtrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the…

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