EUR/GBP Price Recap
EUR/GBP is down 81 pips (0.97%) since yesterday (with its current price near 0.83072), marking the 4th day in a row a decrease has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 23.74% from the day prior, and up 5.51% from the same day the week before. On a relative basis, EUR/GBP was the worst performer out of all 40 of the assets in the Forex asset class. Or, to put it another way…
Okay, okay, you know we have trouble resisting the memes around here 🙂 Getting back to business, here is a price chart of EUR/GBP.
EUR/GBP Technical Analysis
Coming into today EUR/GBP is now close to its 20 and 50 day averages, located at 0.845 and 0.8473 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. Or to simplify this another way, note that out of the past 14 days EUR/GBP’s price has gone down 9 them.
A final note on correlations: over the past 7 days, GBP/CHF has been the pair most correlated with EUR/GBP — a frequent scenario, considering GBP finds itself in both pairs. As for pairs with the least correlation, look no further than GBP/CHF for that answer.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURGBP, with 23 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 2.56, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Past 6 month candles have all been bearish telling us EG has no intentions of slowing down in the long term….- Daily: A bearish start to the week EG has found new lows after break below 0.8447 daily order block….Would now like to see price retrace into 0.8388 30min order block which is in confluence with 62% OTE Fib before a possible bullish rally.