(Last Updated April 30, 2021 4:19 GMT)
Currently, EURGBP’s rate is up 4 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being above it. 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)
EURGBP entered today at 0.86894, down 7 pips (0.08%) from yesterday. Relative to other instruments in the Forex asset class, EURGBP ranked 28th yesterday in terms of percentage price change. The price chart of EURGBP below illustrates.
EURGBP Technical Analysis
The first thing we should note is that EURGBP is now close to its 20, 50, 100 and 200 day averages, located at 0.8674, 0.8611, 0.8715 and 0.8883 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 15.2 pips away. 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 9 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!