EUR/GBP Up 29 Pips On 4 Hour Chart, 2 Day Down Streak Snapped; Crosses 50 Day Moving Average

EUR/GBP 4 Hour Price Update

Updated May 15, 2020 01:10 PM GMT (09:10 AM EST)

EUR/GBP is up 29 pips (0.33%) since the previous 4 hours (opening the current 4 hour candle near 0.8884), marking the 4th candle in a row an increase has occurred. Compared to its peers in the Forex, EUR/GBP gave its buyers a return that ranked 11th in terms of percentage change since the previous 4 hours.

EUR/GBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EUR/GBP continues; to start today, it came in at a price of 0.88335, up 2 pips (0.02%) since the previous day. Relative to other instruments in the Forex asset class, EUR/GBP ranked 23rd the previous day in terms of percentage price change. The price chart of EUR/GBP below illustrates.

EUR/GBP Technical Analysis

First things first: EUR/GBP crossed above its 50 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 50 day average, which is 2.8 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 12 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.86, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

as the pair is steady but the rsi is declining, we have t see another rally to the upside by the new week.