EUR/GBP Heads Down For the 5th Day In A Row; Pin Bar Pattern Appearing on Chart

EUR/GBP Price Recap

EUR/GBP is down 7 pips (0.08%) since yesterday (with its current price near 0.83005), marking the 5th day in a row it has gone down. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 22.54% from the day before — and down 21% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/GBP ended up ranking 24th for the day in terms of day-over-day price change. Let’s take a look at price chart of EUR/GBP.

EUR/GBP Technical Analysis

Notably, EUR/GBP is now close to its 20 and 50 day averages, located at 0.8439 and 0.847 respectively, and thus may be at a key juncture along those timeframes. 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 10 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURGBP, with 26 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 2.89, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

now the price near close to the daily strong support zoneI predict the candle will go up#Traiding idea #Buy now SL:0.82600TP:0.84000Risk/reward: 1.0 : 2.0If you like me, please join my free Telegram channel: Forex Signal by F.C.E.I will post some high-quality trading opportunity everyday