(Last Updated June 3, 2021 4:19 GMT)
At the time of this writing, EURGBP’s rate is up 1 pips (0.02%) 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 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)
A moment of silence, please, for the end of EURGBP’s 4 day up streak; price ended yesterday down 15 pips (-0.18%) to finish the day at a rate of 0.86164. Relative to other instruments in the Forex asset class, EURGBP ranked 29th yesterday in terms of percentage 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 averages, located at 0.8611, 0.8646, 0.8635 and 0.8811 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 20 day average, which is 5.5 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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. For additional context, note that price has gone up 16 out of the past 30 days.