EUR/GBP Down 0 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated January 14, 2022 1:42 GMT)

At the moment, EURGBP’s rate is down 0 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURGBP has now gone down 4 of the past 5 hours. 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 a pin bar candlestick pattern on EURGBP. Given that we see an uptrend 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 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)

EURGBP is up 8 pips (0.1%) since yesterday (opening today near 0.83546), marking the 2nd consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, EURGBP ended up ranking 10th for the day in terms of price change. The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

Notably, EURGBP is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 down. Or to simplify this another way, note that out of the past 10 days EURGBP’s price has gone up 5 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!