EURGBP Down 4 Pips Over Past Hour, Moves Up For the 5th Straight Day; Nears 100 Day Moving Average

Hourly Update

(Last Updated April 26, 2021 3:18 GMT)

At the moment, EURGBP’s rate is down -4 pips (-0.05%) from the hour prior. EURGBP has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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 the previous day (opening today near 0.8715), marking the 5th straight day it has gone up. Out of the 39 instruments in the Forex asset class, EURGBP ended up ranking 19th for the day in terms of price change. The price chart of EURGBP below illustrates.

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 100 day average, which is 13 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days EURGBP’s price has gone up 7 them.