(Last Updated August 2, 2022 1:38 GMT)
At the moment, EURGBP’s rate is up 1 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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)
The back and forth price flow continues for EURGBP, which started today off at 0.83754, down 17 pips 0.2% from yesterday. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 25th in terms of percentage change since yesterday. Below is a price chart of EURGBP.
EURGBP Technical Analysis
Coming into today the current price of EURGBP is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 60.8 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days EURGBP’s price has gone down 8 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURGBP, with 0 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
H4 and H1 now aligning to be in a bearish structure. Waiting for pullback around 0.837/0.838.Fundamentals:EUR – renewed energy crisis worry and Nord Stream 1 capacity