EUR/GBP Down 0 Pips in Last Hour, 3 Day Down Streak Broken; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated November 19, 2021 1:41 GMT)

Currently, EURGBP’s rate is down 0 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURGBP has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURGBP. 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.

EURGBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of EURGBP’s 3 day down streak; price ended the day prior up 34 pips (0.41%) to finish the day at a rate of 0.84228. Out of the 39 instruments in the Forex asset class, EURGBP ended up ranking 12th for the day in terms of price change. Below is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

The first thing we should note is that EURGBP is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days EURGBP’s price has gone up 5 them.