EURGBP Down 4 Pips in Last Hour, Moves Up For the 2nd Consecutive Day; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated April 22, 2021 2:18 GMT)

At the moment, EURGBP’s rate is down -4 pips (-0.05%) 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. As for the trend on the hourly timeframe, we see the clearest trend 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 an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 20 hour changed directions on EURGBP; it is now pointing down. 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 up 6 pips (0.07%) since the day prior (opening today near 0.86401), marking the 2nd consecutive day it has gone up. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 14th in terms of percentage change since the day prior. 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 averages, located at 0.8612, 0.8604 and 0.8737 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 28 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 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days EURGBP’s price has gone up 9 them.