EURGBP Down 0 Pips On Hourly Chart, Moves Down For the 3rd Consecutive Day; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated May 6, 2021 2:18 GMT)

Currently, EURGBP’s rate is down 0 pips (0%) from the hour prior. EURGBP has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 10 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 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 16 pips (0.18%) since the previous day (opening today near 0.8633), marking the 3rd consecutive day a decline has happened. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 31st in terms of percentage change since the previous day. Below is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Notably, the current price of EURGBP is sitting close to its 20, 50 and 100 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 50 day average, which is 16 pips away. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days EURGBP’s price has gone up 5 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURGBP, with 8 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 2.67, which is bullish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

EUR/GBP continues to slip lower and is nearing a multi-week support level ahead of an important BoE policy meeting where tapering of the UK bond-buying program may be mooted