EURGBP Down 2 Pips Over Past Hour, Moves Down For the 2nd Consecutive Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 17, 2020 23:15 GMT)

At the time of this writing, EURGBP’s rate is down -2 pips (-0.02%) from the hour prior. This is the 2nd straight hour EURGBP has seen its price head down. 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 a doji 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 20, 50, 100 and 200 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)

EURGBP is down 41 pips (0.45%) since the day prior (opening today near 0.91897), marking the 2nd consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, EURGBP ranked 39th the day prior in terms of percentage price change. Below is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Notably, EURGBP is now close to its 20, 50 and 100 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 50 day average, which is 158 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 15 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 20 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 1.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

πŸ‘πŸ‘Hit the Like πŸ‘πŸ‘button to show your support to our idea πŸ’–πŸ™βœ…πŸ†πŸ’―πŸŽ―——————————————————–EURGBP flourishing in the ascending channel, upvoted from 0.8700 level- gaining almost 600 pips upwards. Now trading in sell from channel resistance to hit 0.8900 level. Good luck with your trade. Channel trade is still intact.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram