(Last Updated November 26, 2020 1:31 GMT)
Currently, EURGBP’s rate is down 0 (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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)
The back and forth price flow continues for EURGBP, which started today off at 0.88969, down 1 pips 0.01% from the day prior. Relative to other instruments in the Forex asset class, EURGBP ranked 21st the day prior in terms of percentage price change. Below is a price chart of EURGBP.
EURGBP Technical Analysis
Notably, the current price of EURGBP is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 53.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days EURGBP’s price has gone down 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
Of note is that traders in aggregate have opinions on EURGBP, with 12 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 3, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
At the same time, 50% Fibonacci retracement level was rejected, after which the price started to move down….The price might drop towards one of the support levels, confirmed by the Fibonacci retracement indicator….The first support is right at 0.8800 psychological level, conformed by 161.8% and 327.2% Fibonacci retracement.