EUR/GBP Down 3 Pips in Last Hour, 2 Day Down Streak Broken; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated August 4, 2022 1:41 GMT)

Currently, EURGBP’s rate is down -3 pips (-0.04%) from the hour prior. The hourly chart shows that EURGBP has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 back and forth price flow continues for EURGBP, which started today off at 0.83675, up 10 pips 0.11% from the previous day. Out of the 39 instruments in the Forex asset class, EURGBP ended up ranking 20th for the day in terms of price change. The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

The first thing we should note is that 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 200 day average, which is 67.3 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. Or to simplify this another way, note that out of the past 14 days EURGBP’s price has gone down 9 them.