EUR/GBP Down 34 Pips in Last 4 Hours, Moves Up For the 3rd Day In A Row; Nears 20 and 50 Day Moving Averages

EUR/GBP 4 Hour Price Update

Updated August 06, 2020 09:09 AM GMT (05:09 AM EST)

EUR/GBP is down 34 pips (0.38%) since the last 4 hour candle (opening the current 4 hour candle near 0.9008), marking the 2nd candle in a row it has gone down. On a relative basis, EUR/GBP was the worst performer out of all 37 of the assets in the Forex asset class.

EUR/GBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/GBP is up 1 pips (0.01%) since yesterday (opening today near 0.90457), marking the 3rd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, EUR/GBP ranked 27th yesterday in terms of percentage price change. Here is a price chart of EUR/GBP.

EUR/GBP

EUR/GBP Technical Analysis

Notably, EUR/GBP is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days EUR/GBP’s price has gone up 19 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURGBP, with 7 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.7, which is bearish. As for the rationale, technical traders seem to be citing the appearance of flag, trendline and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

A breakout the flag pattern will pave way to more down side.