(Last Updated November 11, 2020 0:17 GMT)
At the moment, EURGBP’s rate is up 6 pips (0.07%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURGBP has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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 entered today at 0.89706, down 54 pips (0.6%) from the previous day. Out of the 40 instruments in the Forex asset class, EURGBP ended up ranking 29th for the day in terms of price change. Below is a price chart of EURGBP.
EURGBP Technical Analysis
The first thing we should note is that EURGBP is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 51.9 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 16 out of the past 30 days.