EUR/GBP Up 12 Pips On 4 Hour Chart, Moves Up For the 4th Day In A Row; Sentiment Suggests Buyers in Charge

EUR/GBP 4 Hour Price Update

Updated April 07, 2020 01:08 AM GMT (09:08 PM EST)

EUR/GBP is up 12 pips (0.14%) since the last 4 hour candle (opening the current 4 hour candle near 0.8829), marking the 2nd candle in a row it has gone up. Compared to its peers in the Forex, EUR/GBP gave its buyers a return that ranked 11th in terms of percentage change since the last 4 hour candle.

EUR/GBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/GBP is up 8 pips (0.09%) since yesterday (opening today near 0.8826), marking the 4th day in a row an upward move has occurred. Compared to its peers in the Forex, EUR/GBP gave its buyers a return that ranked 13th in terms of percentage change since yesterday. The price chart of EUR/GBP below illustrates.

EUR/GBP Technical Analysis

The first thing we should note is that the current price of EUR/GBP 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 50 day average, which is 89.9 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone up 16 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 17 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 8.5, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Tendencia bajista en temp mayores, por el momento vemos zonas de liquidez y estoy pendiente a que se cumpla venta o compra, me interesa más la venta para seguir a favor de la tendencia. Niveles de Fibonacci e imbalances cómo confluencias.