EUR/GBP Down 35 Pips On 4 Hour Chart, Moves Up For the 2nd Day In A Row; in an Uptrend Over Past 14 Days

EUR/GBP 4 Hour Price Update

Updated May 21, 2020 05:07 PM GMT (01:07 PM EST)

EUR/GBP is down 35 pips (0.39%) since the previous 4 hours (opening the current 4 hour candle near 0.8959), marking the 2nd candle in a row a decrease has occurred. Out of the 37 instruments in the Forex asset class, EUR/GBP ended up ranking 31st for the four-hour candle in terms of price change.

EUR/GBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/GBP is up 10 pips (0.11%) since the previous day (opening today near 0.89742), marking the 2nd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, EUR/GBP ended up ranking 5th for the day in terms of price change. The price chart of EUR/GBP below illustrates.

EUR/GBP Technical Analysis

Coming into today the current price of EUR/GBP is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 13 buy signals on our radar and 21 sell signals. This imputes a buy/sell ratio of 0.62, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Update of previous idea, one of the objectives reached based on PA.I would expected a correction from here, is needed first a breakdown of trendline (red) and confirmation (candle close) below.