EURGBP Up 1 Pips On Hourly Chart, 3 Day Up Streak Ended; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated September 3, 2021 2:17 GMT)

At the time of this writing, EURGBP’s rate is up 1 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

A moment of silence, please, for the end of EURGBP’s 3 day up streak; price ended yesterday down 16 pips (-0.18%) to finish the day at a rate of 0.85823. Relative to other instruments in the Forex asset class, EURGBP ranked 30th yesterday in terms of percentage price change. The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

Coming into today EURGBP is now close to its 20, 50, 100 and 200 day averages, located at 0.8549, 0.8544, 0.857 and 0.8631 respectively, and thus may be at a key juncture along those timeframes. 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 12 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days EURGBP’s price has gone up 16 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.