EURGBP Up 2 Pips Over Past Hour, 3 Day Down Streak Broken; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 18, 2020 23:15 GMT)

At the moment, EURGBP’s rate is up 2 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURGBP has now gone up 5 of the past 5 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 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)

A moment of silence, please, for the end of EURGBP’s 3 day down streak; price ended the previous day up 21 pips (0.23%) to finish the day at a rate of 0.91311. Out of the 40 instruments in the Forex asset class, EURGBP ended up ranking 9th for the day in terms of 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 93.3 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days EURGBP’s price has gone up 8 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 14 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1.08, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Looks like up trend. RSI Relatively low. Looks like wave 1 and 2 of an Elliot Wave pattern. Looking to retest previous highs. Practice trade.


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