EURGBP Up 6 Pips Over Past Hour, Entered Today Up For the 2nd Consecutive Day; Nears 20 Day Moving Average

Hourly Update

(Last Updated July 16, 2021 18:17 GMT)

At the moment, EURGBP’s rate is up 6 pips (0.07%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURGBP has now gone up 5 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 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)

EURGBP is up 1 pips (0.02%) since yesterday (opening today near 0.85413), marking the 2nd consecutive day an upward move has occurred. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 19th in terms of percentage change since yesterday. Below is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

The first thing we should note is that EURGBP is now close to its 20, 50, 100 and 200 day averages, located at 0.8566, 0.8586, 0.8607 and 0.8729 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days EURGBP’s price has gone down 7 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 8 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 2.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of elliott wave and moving average technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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