EUR/GBP Down 2 Pips Over Past Hour, 2 Day Down Streak Broken; Nears 20 Day Moving Average

Hourly Update

(Last Updated November 23, 2022 2:21 GMT)

At the moment, EURGBP’s rate is down -2 pips (-0.02%) 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 50 hour timeframe. 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)

The choppiness in the recent daily price action of EURGBP continues; to start today, it came in at a price of 0.86692, up 7 pips (0.08%) since yesterday. Out of the 39 instruments in the Forex asset class, EURGBP ended up ranking 12th for the day in terms of price change. The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

Notably, 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 20 day average, which is 24 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days EURGBP’s price has gone up 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.