EUR/GBP Down 4 Pips On Hourly Chart, Entered Today Up For the 2nd Straight Day; Breaks Above 200 Day Average

Hourly Update

(Last Updated November 13, 2020 1:30 GMT)

At the moment, EURGBP’s rate is down -0.0004 (-0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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)

EURGBP is up 91 pips (1.02%) since yesterday (opening today near 0.89943), marking the 2nd straight day an upward move has occurred. Out of the 40 instruments in the Forex asset class, EURGBP ended up ranking 3rd for the day in terms of price change. Below is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

First things first: EURGBP crossed above its 200 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 20 day average, which is 24.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days EURGBP’s price has gone up 5 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 19 buy signals on our radar and 22 sell signals. This imputes a buy/sell ratio of 0.86, which is neutral. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price at a previous level of support, confluent with bearish divergence and 50 sma