EURGBP Down 1 Pips On Hourly Chart, Fares the Worst Out of Forex; Moves Down For the 3rd Day In A Row

Hourly Update

(Last Updated January 4, 2021 2:18 GMT)

At the moment, EURGBP’s rate is down -1 pips (-0.01%) from the hour prior. This is the 2nd hour in a row EURGBP has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURGBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURGBP is down 78 pips (0.86%) since the previous day (opening today near 0.89439), marking the 3rd day in a row a decrease has occurred. Those trading within the Forex asset class should know that EURGBP was the worst performer in the class. The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

Notably, EURGBP crossed below its 50 and 200 day moving averages 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 200 day average, which is 34.4 pips away. It should be noted, though, the 20 and 100 day simple moving averages turned downwards, which may be a bearish sign. 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 5 out of the past 10 days.