EURGBP Up 1 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated June 2, 2021 2:19 GMT)

Currently, EURGBP’s rate is up 1 pips (0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURGBP has now gone down 8 of the past 10 hours. Regarding the trend, note that the strongest trend 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 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. Of note is that the 100 hour changed directions on EURGBP; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 33 pips (0.39%) since yesterday (opening today near 0.86317), marking the 4th consecutive day an increase has occurred. Out of the 39 instruments in the Forex asset class, EURGBP ended up ranking 4th for the day in terms of price change. Let’s take a look at price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURGBP crossed above its 20 day moving average yesterday. 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 100 day average, which is 4.2 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days EURGBP’s price has gone up 17 them.

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 16 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURGBP is in a downtrend, but it has to retest my area then keep dropping before it drop hard3/1 risk reward take this with your own precautions