EURGBP Down 3 Pips in Last Hour, Moves Up For the 2nd Consecutive Day; Eyes 20 and 100 Day Averages

Hourly Update

(Last Updated May 3, 2021 2:18 GMT)

At the moment, EURGBP’s rate is down -3 pips (-0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved 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)

EURGBP is up 10 pips (0.11%) since the day prior (opening today near 0.87036), marking the 2nd consecutive day it has gone up. Relative to other instruments in the Forex asset class, EURGBP ranked 13th the day prior in terms of percentage price change. Here is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Notably, EURGBP is now close to its 20, 50, 100 and 200 day averages, located at 0.8678, 0.8614, 0.8709 and 0.888 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 100 day average, which is 5.1 pips away. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days EURGBP’s price has gone up 18 them.