EURGBP Up 3 Pips in Last Hour, Price Base in Formation Over Past 90 Days; Nears 200 Day Moving Average

Hourly Update

(Last Updated November 18, 2020 2:17 GMT)

At the time of this writing, EURGBP’s rate is up 3 pips (0.03%) from the hour prior. This is the 2nd consecutive hour EURGBP has seen its price head up. Regarding the trend, note that the strongest trend exists on the 50 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 0.89521, down 20 pips 0.22% from the day prior. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 28th in terms of percentage change since the day prior. Here is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

The first thing we should note is that the current price of EURGBP is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 19 pips away. It should be noted, though, the 50 day simple moving average 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 down. 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.