EUR/GBP Down 0 Pips in Last Hour, Entered Today Down For the 2nd Day In A Row; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated November 24, 2020 1:31 GMT)

At the time of this writing, EURGBP’s rate is down 0 (0%) 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 100 hour timeframe. Of note is that the 200 hour changed directions on EURGBP; it is now pointing down. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURGBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURGBP is down 34 pips (0.39%) since yesterday (opening today near 0.88841), marking the 2nd day in a row it has gone down. Out of the 40 instruments in the Forex asset class, EURGBP ended up ranking 39th for the day in terms of price change. Here is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Coming into today the current price of EURGBP is sitting close to its 20, 50, 100 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 200 day average, which is 60.8 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 16 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURGBP, with 14 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 4.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, demand zone, divergence, harmonic and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price has reached a strong support zone on the 4H time frame and is currently forming a double bottom formation and also there is TDI divergence forming on the 1H time frame ,wait for a bullish reversal pattern such as a bullish engulfing candle or a morning star candle before looking for buy signal….NOTE:If price breaks and closes below the support zone then the analysis is invalidated.