(Last Updated April 29, 2021 2:18 GMT)
At the moment, EURGBP’s rate is down -3 pips (-0.03%) from the hour prior. EURGBP has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Regarding moving averages, it should first be noted that price has crossed the 100, 20 and 50 hour moving averages, resulting in them with price now being below them. 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 (0.03%) since the day prior (opening today near 0.86966), marking the 2nd straight day an increase has occurred. Relative to other instruments in the Forex asset class, EURGBP ranked 16th the day prior in terms of percentage price change. The price chart of EURGBP below illustrates.
EURGBP Technical Analysis
The first thing we should note is that 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 100 day average, which is 20.5 pips away. Volatility for EURGBP has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 8 out of the past 10 days.