EUR/GBP 4 Hour Price Update
Updated May 20, 2020 05:06 PM GMT (01:06 PM EST)
The choppiness in the recent four-hour candle price action of EUR/GBP continues; to start the current 4 hour candle, it came in at a price of 0.8958, up 15 pips (0.17%) since the previous 4 hours. Compared to its peers in the Forex, EUR/GBP gave its buyers a return that ranked 8th in terms of percentage change since the previous 4 hours.
EUR/GBP End of Day Recap
Updated 00:30 GMT (04:30 EST)
The back and forth price flow continues for EUR/GBP, which started today off at 0.89141, up 0 pips 0.01% from the previous day. Relative to other instruments in the Forex asset class, EUR/GBP ranked 28th the previous day in terms of percentage price change. The price chart of EUR/GBP below illustrates.
EUR/GBP Technical Analysis
Coming into today the current price of EUR/GBP is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 105.7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days EUR/GBP’s price has gone down 16 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURGBP, with 22 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 2.44, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Long entry when EUR/GBP price breakout and horizontal line (resistance)RSI trend line breakout as a leading indicator that the price break is followingVolume decrease as ascending triangle formingPlease wait for price confirmation before entry2nd long entry could be when price retrace to support (ex-resistance)