EURGBP Down 11 Pips Over Past Hour, Underperforms All Forex; Breaks Below 50 and 200 Day Averages

Hourly Update

(Last Updated January 1, 2021 3:18 GMT)

At the moment, EURGBP’s rate is down -11 pips (-0.12%) from the hour prior. EURGBP has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURGBP. Given that we see downtrend on the 20 and 10 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 78 pips (0.86%) since yesterday (opening today near 0.89439), marking the 3rd day in a row it has gone down. On a relative basis, EURGBP was the worst performer out of all 40 of the assets in the Forex asset class. Let’s take a look at price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

First things first: EURGBP crossed below its 50 and 200 day moving averages 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 34.4 pips away. It should be noted, though, the 20 and 100 day simple moving averages 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. Or to simplify this another way, note that out of the past 14 days EURGBP’s price has gone up 7 them.