EURGBP Down 5 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated September 8, 2021 12:17 GMT)

At the moment, EURGBP’s rate is down -5 pips (-0.06%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURGBP has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend 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)

EURGBP is up 14 pips (0.17%) since the day prior (opening today near 0.85928), marking the 3rd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, EURGBP ranked 19th the day prior in terms of percentage price change. The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

Notably, EURGBP is now close to its 20, 50, 100 and 200 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 100 day average, which is 23.8 pips away. It should be noted, though, the 50 and 100 day simple moving averages turned upwards, which may be a bullish sign. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 6 out of the past 10 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURGBP; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Entry details are shown on the chart.Working the H1 time frame on this strategy.We’re only looking for TP3.Trade history can be seen below this trade idea too for full transparency.——————————————I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily.Jumping on random trade ideas ‘willy-nilly’ on Trading View trying to find that one trade that you can retire from is not a sustainable way to trade. You might get lucky, but it will always end one way.——————————————Please hit the 👍 LIKE button if you like my ideas🙏Also follow my profile, then you will receive a notification whenever I post a trading idea – so you don’t miss them. 🙌No one likes missing out, do they?Also, see my ‘related ideas’ below to see more just like this.The stats for this pair are shown below too.Thank you.Darren.