EURGBP Down 1 Pips On Hourly Chart, Crosses 20 Day Moving Average; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated January 8, 2021 3:19 GMT)

At the time of this writing, EURGBP’s rate is down -1 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURGBP has now gone down 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)

After 3 up days, EURGBP snaps its streak, falling 14 pips (-0.15%) over the past day to close at an exchange rate of 0.90414. Out of the 40 instruments in the Forex asset class, EURGBP ended up ranking 28th for the day in terms of price change. Below is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Notably, 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 6.8 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Or to simplify this another way, note that out of the past 30 days EURGBP’s price has gone up 17 them. Also, candlestick traders! Note we see doji pattern appearing here as well.