EURGBP Down 4 Pips On Hourly Chart, Came Into Today Up For the 3rd Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated June 1, 2021 2:18 GMT)

At the time of this writing, EURGBP’s rate is down -4 pips (-0.04%) 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. Regarding the trend, note that the strongest trend exists on the 50 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 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 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 2 pips (0.02%) since yesterday (opening today near 0.85985), marking the 3rd consecutive day an increase has occurred. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 19th in terms of percentage change since yesterday. Let’s take a look at price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Coming into today EURGBP is now close to its 20, 50, 100 and 200 day averages, located at 0.8612, 0.8641, 0.8638 and 0.8816 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 13.4 pips away. 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. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 6 out of the past 10 days.