EURGBP Up 3 Pips in Last Hour, Makes Big Move Relative to Past Two Months; Moves Down For the 2nd Consecutive Day

Hourly Update

(Last Updated July 23, 2021 2:18 GMT)

At the moment, EURGBP’s rate is up 3 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 down 52 pips (0.61%) since yesterday (opening today near 0.8547), marking the 2nd consecutive day it has gone down. Relative to other instruments in the Forex asset class, EURGBP ranked 38th yesterday in terms of percentage price change. Let’s take a look at price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

First things first: EURGBP crossed below its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 8 out of the past 14 days.