EURGBP Down 3 Pips in Last Hour, Moves Down For the 4th Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 13, 2021 11:17 GMT)

Currently, EURGBP’s rate is down -3 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji 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 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 down 4 pips (0.05%) since yesterday (opening today near 0.85345), marking the 4th straight day it has gone down. Relative to other instruments in the Forex asset class, EURGBP ranked 27th yesterday 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 50 day average, which is 11.8 pips away. It should be noted, though, the 20 and 50 day simple moving averages turned downwards, which may be a bearish 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.