(Last Updated July 22, 2021 3:17 GMT)
At the time of this writing, EURGBP’s rate is down -1 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURGBP. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)
A moment of silence, please, for the end of EURGBP’s 6 day up streak; price ended the day prior down 43 pips (-0.49%) to finish the day at a rate of 0.85991. Out of the 39 instruments in the Forex asset class, EURGBP ended up ranking 33rd for the day in terms of price change. Let’s take a look at price chart of EURGBP.
EURGBP Technical Analysis
Notably, EURGBP crossed below its 100 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 9 out of the past 14 days. Also, candlestick traders! Note we see evening star pattern appearing here as well.