EURGBP Down 0 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Moves Up For the 3rd Straight Day

Hourly Update

(Last Updated April 23, 2021 2:18 GMT)

At the time of this writing, EURGBP’s rate is down 0 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 100 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 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)

EURGBP is up 42 pips (0.49%) since the day prior (opening today near 0.86822), marking the 3rd straight day it has gone up. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 5th in terms of percentage change since the day prior. Below is a price chart of EURGBP.

EURGBP

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 51.5 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. 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 90 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. For additional context, note that price has gone up 9 out of the past 14 days.