(Last Updated January 13, 2021 2:18 GMT)
Currently, EURGBP’s rate is down -1 pips (-0.01%) from the hour prior. This is the 2nd hour in a row EURGBP has seen its price head down. 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 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
EURGBP End of Day Recap
Updated 00:30 GMT (04:30 EST)
EURGBP is down 54 pips (0.61%) since yesterday (opening today near 0.89312), marking the 4th straight day a decline has happened. Out of the 40 instruments in the Forex asset class, EURGBP ended up ranking 36th for the day in terms of price change. The price chart of EURGBP below illustrates.
EURGBP Technical Analysis
Moving average crossovers are always interesting, so let’s start there: EURGBP crossed below 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 200 day average, which is 51.6 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. 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 14 days EURGBP’s price has gone down 9 them.