EURGBP Up 3 Pips Over Past Hour, Moves Down For the 3rd Day In A Row; Breaks Below 50 Day Average

Hourly Update

(Last Updated January 12, 2021 2:18 GMT)

At the moment, EURGBP’s rate is up 3 pips (0.04%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURGBP has now gone down 8 of the past 10 hours. 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)

EURGBP is down 21 pips (0.24%) since the day prior (opening today near 0.89857), marking the 3rd day in a row a decline has happened. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 27th in terms of percentage change since the day prior. The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

First things first: EURGBP crossed below its 50 day moving average 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 3.5 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Also of note is that on a 30 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 16 out of the past 30 days.