EURGBP Up 4 Pips On Hourly Chart, 2 Day Up Streak Snapped; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 27, 2020 2:17 GMT)

Currently, EURGBP’s rate is up 4 pips (0.04%) from the hour prior. EURGBP has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 50 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 5 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)

The choppiness in the recent daily price action of EURGBP continues; to start today, it came in at a price of 0.90656, down 22 pips (0.25%) since the previous day. Out of the 40 instruments in the Forex asset class, EURGBP ended up ranking 33rd for the day in terms of price change. Here is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Notably, EURGBP crossed below its 20 day moving average yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 16 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.