EUR/GBP Up 14 Pips in Last 4 Hours, in an Uptrend Over Past 90 Days; Price Base in Formation Over Past 30 Days

EUR/GBP 4 Hour Price Update

Updated July 23, 2020 09:22 AM GMT (05:22 AM EST)

EUR/GBP is up 14 pips (0.15%) since the last 4 hour candle (opening the current 4 hour candle near 0.9104), marking the 3rd candle in a row it has gone up. Relative to other instruments in the Forex asset class, EUR/GBP ranked 7th the last 4 hour candle in terms of percentage price change.

EUR/GBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/GBP entered today at 0.90844, down 0 pips (0%) from the previous day. Out of the 40 instruments in the Forex asset class, EUR/GBP ended up ranking 27th for the day in terms of price change. The price chart of EUR/GBP below illustrates.

EUR/GBP Technical Analysis

Notably, EUR/GBP is now close to its 20, 50 and 100 day averages, located at 0.903, 0.9005 and 0.8902 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 up over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 8 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 9 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.6, 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.

Hello traders,EURGBP is waiting to challenge the real surpass of this red resistance zone on its 4th time try.Once that it happens, it will test our next target 0.919 soon. And going alone with the channel to test 0.925 later in 1-2weeks.Good luck on trading this ratio.LESS IS MORE!