EURGBP Up 4 Pips On Hourly Chart, Price Base in Formation Over Past 90 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated November 17, 2020 2:17 GMT)

At the moment, EURGBP’s rate is up 4 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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)

The back and forth price flow continues for EURGBP, which started today off at 0.89717, up 14 pips 0.16% from yesterday. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 16th in terms of percentage change since yesterday. Here is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Coming into today EURGBP is now close to its 20, 50, 100 and 200 day averages, located at 0.9007, 0.9073, 0.9043 and 0.8931 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 35.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 5 out of the past 10 days. Also, candlestick traders! Note we see doji pattern appearing here as well.