EUR/GBP Up 5 Pips On 4 Hour Chart, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

EUR/GBP 4 Hour Price Update

Updated July 30, 2020 01:09 AM GMT (09:09 PM EST)

The choppiness in the recent four-hour candle price action of EUR/GBP continues; to start the current 4 hour candle, it came in at a price of 0.9076, up 5 pips (0.06%) since the previous 4 hours. Out of the 37 instruments in the Forex asset class, EUR/GBP ended up ranking 6th for the four-hour candle in terms of price change.

EUR/GBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/GBP is up 4 pips (0.05%) since the day prior (opening today near 0.90764), marking the 2nd day in a row it has gone up. Relative to other instruments in the Forex asset class, EUR/GBP ranked 16th the day prior in terms of percentage price change. Here is a price chart of EUR/GBP.

EUR/GBP

EUR/GBP Technical Analysis

Coming into today EUR/GBP is now close to its 20, 50 and 100 day averages, located at 0.9054, 0.9021 and 0.8918 respectively, and thus may be at a key juncture along those timeframes. Volatility for EUR/GBP has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. For additional context, note that price has gone up 8 out of the past 10 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 14 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.78, 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 rejected a key level & am anticipating it to continue its overall bullish trend if price does not break out of the trendline .