EURGBP Up 2 Pips in Last Hour, Crosses 200 Day Moving Average; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 12, 2020 1:17 GMT)

At the time of this writing, EURGBP’s rate is up 2 pips (0.02%) from the hour prior. EURGBP has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Of note is that the 20 hour changed directions on EURGBP; it is now pointing down. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURGBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURGBP is down 71 pips (0.79%) since the previous day (opening today near 0.88995), marking the 2nd straight day a decline has happened. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 39th in terms of percentage change since the previous day. Here is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

First things first: EURGBP crossed below its 200 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 200 day average, which is 21.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 17 out of the past 30 days.