EURGBP Down 0 Pips in Last Hour, 2 Day Up Streak Broken; Breaks Below 20 Day Average

Hourly Update

(Last Updated May 4, 2021 2:18 GMT)

At the moment, EURGBP’s rate is down 0 pips (0%) from the hour prior. This is 2nd hour in a row EURGBP has seen its price head down. 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 some doji and pin bar candlestick patterns on EURGBP. Given that we see downtrend 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)

The back and forth price flow continues for EURGBP, which started today off at 0.86724, down 31 pips 0.36% from the previous day. Relative to other instruments in the Forex asset class, EURGBP ranked 37th the previous day in terms of percentage price change. Below is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

First things first: EURGBP crossed below its 20 day moving average yesterday. 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 5.5 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Volatility for EURGBP has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 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. Or to simplify this another way, note that out of the past 14 days EURGBP’s price has gone up 10 them.