EUR/GBP Up 1 Pips Over Past Hour, Came Into Today Down For the 2nd Consecutive Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 22, 2022 1:38 GMT)

At the time of this writing, EURGBP’s rate is up 1 pips (0.01%) from the hour prior. The hourly chart shows that EURGBP has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURGBP. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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)

EURGBP is down 25 pips (0.29%) since the day prior (opening today near 0.87366), marking the 2nd consecutive day a decrease has occurred. Out of the 39 instruments in the Forex asset class, EURGBP ended up ranking 21st for the day in terms of price change. Let’s take a look at price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Coming into today EURGBP is now close to its 20, 50 and 100 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 20 day average, which is 90.1 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days.