EURGBP Up 2 Pips On Hourly Chart, Eyes 20 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated July 14, 2021 0:18 GMT)

At the moment, EURGBP’s rate is up 2 pips (0.02%) from the hour prior. EURGBP has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 50 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. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 choppiness in the recent daily price action of EURGBP continues; to start today, it came in at a price of 0.85416, down 0 pips (0%) since the previous day. Relative to other instruments in the Forex asset class, EURGBP ranked 22nd the previous day in terms of percentage price change. The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

Notably, EURGBP is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days EURGBP’s price has gone down 16 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.