EURGBP Down 1 Pips Over Past Hour, Entered Today Down For the 2nd Straight Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 16, 2020 23:16 GMT)

At the moment, EURGBP’s rate is down -1 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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 pin bar candlestick pattern on EURGBP. Given that we see downtrend on the 20 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 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 is down 41 pips (0.45%) since yesterday (opening today near 0.91897), marking the 2nd straight day it has gone down. Relative to other instruments in the Forex asset class, EURGBP ranked 39th yesterday in terms of percentage price change. The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

The first thing we should note is that EURGBP is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 158 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days EURGBP’s price has gone up 6 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 11 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.73, 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.

πŸ‘πŸ‘Hit the Like πŸ‘πŸ‘button to show your support to our idea πŸ’–πŸ™βœ…πŸ†πŸ’―πŸŽ―——————————————————–EURGBP flourishing in the ascending channel, upvoted from 0.8700 level- gaining almost 600 pips upwards. Now trading in sell from channel resistance to hit 0.8900 level. Good luck with your trade. Channel trade is still intact.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram