EURGBP Down 3 Pips Over Past Hour, Breaks Above 50 Day Average; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated April 8, 2021 3:18 GMT)

Currently, EURGBP’s rate is down -3 pips (-0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURGBP has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURGBP. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURGBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURGBP is up 54 pips (0.63%) since the day prior (opening today near 0.86401), marking the 2nd consecutive day an increase has occurred. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 3rd in terms of percentage change since the day prior. Let’s take a look at price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURGBP crossed above its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 17 out of the past 30 days.