EUR/GBP Down 9 Pips On 4 Hour Chart, in an Uptrend Over Past 90 Days; Price Base in Formation Over Past 30 Days

EUR/GBP 4 Hour Price Update

Updated July 21, 2020 09:09 AM GMT (05:09 AM EST)

EUR/GBP is down 9 pips (0.1%) since the last 4 hour candle (opening the current 4 hour candle near 0.9027), marking the 2nd candle in a row a decline has happened. Relative to other instruments in the Forex asset class, EUR/GBP ranked 32nd 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 0.9046, up 6 pips (0.07%) from the day prior. Out of the 40 instruments in the Forex asset class, EUR/GBP ended up ranking 10th for the day in terms of price change. Here is a price chart of EUR/GBP.

EUR/GBP Technical Analysis

The first thing we should note is that the current price of EUR/GBP is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. 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 17 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 4 buy signals on our radar and 25 sell signals. This imputes a buy/sell ratio of 0.16, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel, relative strength index and supply zone 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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