EURGBP Down 8 Pips Over Past Hour, Entered Today Up For the 3rd Consecutive Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 11, 2020 16:15 GMT)

At the time of this writing, EURGBP’s rate is down -8 pips (-0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 7 pips (0.08%) since yesterday (opening today near 0.9076), marking the 3rd consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, EURGBP ranked 19th yesterday in terms of percentage price change. Let’s take a look at price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Coming into today the current price of EURGBP is sitting close to its 20, 50 and 100 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 61.3 pips away. For additional context, note that price has gone up 7 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 4 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.2, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

hello everyone EurGbp is ricing like a rocket right now we expect to reach resistance line that mentioned in chart here is that AB=Cd is complete and we expect a gartley pattern as well notice that its opposite of trend so Enter with at most 3% of your equality notice that target is based on fibonacci and lowest profit that is available in this case my strategy is based on 1 : fibonacci 2 : harmonic pattern gartley and Ab=CD 3 : trend line and channel trading 4 ; Rsi h4 notice that in order to enter this trade you should see some confirmations like : candlesticks formation , indicator,s signs (ichimoku , moving average and ……) then at last wait for break higher low to enter short Hope you Enjoy ♥ { comment in below and share you opinion with my team } ♥this is MkyTradingGroup


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram