EURGBP Down 1 Pips On Hourly Chart, Moves Up For the 3rd Consecutive Day; Breaks Above 20 and 100 Day Averages

Hourly Update

(Last Updated June 10, 2021 7:19 GMT)

Currently, EURGBP’s rate is down -1 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURGBP. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

EURGBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURGBP is up 28 pips (0.32%) since the previous day (opening today near 0.863), marking the 3rd consecutive day an upward move has occurred. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 4th in terms of percentage change since the previous day. Below is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

First things first: EURGBP crossed above its 20 and 100 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 100 day average, which is 5.6 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. For additional context, note that price has gone up 17 out of the past 30 days.