EURGBP Down 4 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; is Inching Close to 100 Day Average

Hourly Update

(Last Updated September 7, 2020 15:15 GMT)

Currently, EURGBP’s rate is down -4 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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)

The choppiness in the recent daily price action of EURGBP continues; to start today, it came in at a price of 0.89112, down 11 pips (0.12%) since the previous day. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 23rd in terms of percentage change since the previous day. Here is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Notably, EURGBP is now close to its 20, 50, 100 and 200 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 100 day average, which is 40.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 16 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURGBP, with 8 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.44, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

#EURGBP (Update) In 4h timeframe, EURGBP Forming Descending Channel Formation….(Bullish Pattern)At the Moment, Bull Facing Major Resistance Area, If Resistance got Cleared, Expecting Bullish Movement towards the Next Horizontal Resistance (0.9060)If Resistance got Rejected, Expecting Another Bearish Wave, (Lower Low) Please like the idea for Support & Subscribe for More ideas like this and share your ideas and charts in Comments Section..!!…Thanks for Your Love & Support..!!


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