(Last Updated July 15, 2022 1:41 GMT)
At the moment, EURGBP’s rate is down -3 pips (-0.04%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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)
EURGBP is up 5 pips (0.06%) since the previous day (opening today near 0.84667), marking the 3rd straight day an increase has occurred. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 26th in terms of percentage change since the previous day. Below is a price chart of EURGBP.
EURGBP Technical Analysis
Coming into today 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. 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 down 5 out of the past 10 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURGBP, with 10 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.83, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
After a strong end to 2021 for the pound, 2022 has seen a change in fortunes for EUR/GBP bears.