(Last Updated April 28, 2021 2:18 GMT)
Currently, EURGBP’s rate is up 1 pips (0.02%) from the hour prior. This is the 2nd consecutive hour EURGBP has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them so that price is now turning above it. 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 0.86941, up 1 pips 0.02% from the day prior. Out of the 39 instruments in the Forex asset class, EURGBP ended up ranking 21st for the day in terms of price change. The price chart of EURGBP below illustrates.
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. 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 100 day average, which is 26.2 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. 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 10 days EURGBP’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.