EURGBP Down 4 Pips On Hourly Chart, Eyes 20, 50 and 100 Day Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 19, 2020 10:17 GMT)

Currently, EURGBP’s rate is down -4 pips (-0.04%) from the hour prior. EURGBP has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 doji candlestick pattern on EURGBP. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on EURGBP; it is now pointing down. 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 0.90646, down 2 pips 0.02% from yesterday. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 22nd in terms of percentage change since yesterday. Here is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Coming into today EURGBP is now close to its 20, 50, 100 and 200 day averages, located at 0.9097, 0.9058, 0.9037 and 0.8875 respectively, and thus may be at a key juncture along those timeframes. 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. For additional context, note that price has gone down 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.