EURGBP Down 31 Pips Over Past Hour; Crosses 100 Day Moving Average

Hourly Update

(Last Updated September 9, 2020 15:15 GMT)

Currently, EURGBP’s rate is down -31 pips (-0.34%) from the hour prior. The hourly chart shows that EURGBP has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURGBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURGBP entered today at 0.89658, up 55 pips (0.61%) from yesterday. Out of the 40 instruments in the Forex asset class, EURGBP ended up ranking 2nd for the day in terms of price change. Let’s take a look at price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

First things first: EURGBP crossed above its 100 day moving average 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 20 day average, which is 10.9 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 down. Or to simplify this another way, note that out of the past 10 days EURGBP’s price has gone down 7 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURGBP, with 15 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.36, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, divergence, flag, harmonic, head and shoulders and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price action + Harmonic Shark + SR channel + Fibo


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram