EURGBP Down 0 Pips in Last Hour, Breaks Below 50 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 17, 2021 1:17 GMT)

At the moment, EURGBP’s rate is down 0 pips (0%) 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 50 hour timeframe. 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 0.85344, down 12 pips (0.15%) 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

First things first: EURGBP crossed below its 50 day moving average yesterday. 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 50 day average, which is 10.3 pips away. 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. For additional context, note that price has gone up 16 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.