EURGBP Up 5 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated March 26, 2021 23:19 GMT)

Currently, EURGBP’s rate is up 5 pips (0.05%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURGBP has now gone up 4 of the past 5 hours. 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 doji 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. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. 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)

After 5 up days, EURGBP snaps its streak, falling 67 pips (-0.78%) over the past day to close at an exchange rate of 0.85657. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 38th in terms of percentage change since the day prior. Below is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

First things first: EURGBP crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days EURGBP’s price has gone down 17 them.