EURGBP Down 1 Pips On Hourly Chart, Moves Down For the 5th Day In A Row; is Inching Close to 20, 50 and 100 Day Averages

Hourly Update

(Last Updated September 15, 2021 1:17 GMT)

At the time of this writing, EURGBP’s rate is down -1 pips (-0.01%) from the hour prior. EURGBP has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 20 and 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 5 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 down 1 pips (0.01%) since yesterday (opening today near 0.85338), marking the 5th day in a row a decline has happened. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 20th in terms of percentage change since yesterday. 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 0.8568, 0.8546, 0.8566 and 0.8615 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 50 day average, which is 12.4 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 30 day timeframe, where price is headed up. For additional context, note that price has gone down 7 out of the past 14 days.