EUR/GBP Up 27 Pips On 4 Hour Chart, Moves Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart

EUR/GBP 4 Hour Price Update

Updated May 18, 2020 05:06 PM GMT (01:06 PM EST)

After 3 down four-hour candles, EUR/GBP snaps its streak, rising 27 pips (0.3%) over the past four-hour candle to close at an exchange rate of 0.8932. Relative to other instruments in the Forex asset class, EUR/GBP ranked 16th the previous 4 hours in terms of percentage price change.

EUR/GBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/GBP is up 13 pips (0.15%) since the day prior (opening today near 0.89522), marking the 3rd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, EUR/GBP ended up ranking 5th for the day in terms of price change. Below 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 moving averages, which may act as price barrier for the asset. 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 50 day average, which is 131.1 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 21 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 2.33, which is bullish. As for the rationale, technical traders seem to be citing the appearance of divergence and relative strength index technical patterns. Here’s a piece we found on; below is a short snippet from it to give you a taste.

EURGBP is in uptrendPrice is based above HVN at level 0.8732 which indicates that pair is in accumulation phaseAbove SMA 100 on H4 frameRSI is in uptrendIt’s expected for retesting demand zone at level 0.8850then target first key level at 0.9053 then finally target supply zone at level 0.9235