EUR/GBP Up 14 Pips On 4 Hour Chart, 3 Day Down Streak Ended; in an Uptrend Over Past 30 Days

EUR/GBP 4 Hour Price Update

Updated March 27, 2020 12:52 AM GMT (08:52 PM EST)

A moment of silence, please, for the end of EUR/GBP’s 5 four-hour candle down streak; price ended the previous 4 hours up 14 pips (0.15%) to finish the four-hour candle at a rate of 0.9062. Compared to its peers in the Forex, EUR/GBP gave its buyers a return that ranked 9th in terms of percentage change since the previous 4 hours.

EUR/GBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 3 down days, EUR/GBP snaps its streak, rising 36 pips (0.39%) over the past day to close at an exchange rate of 0.9069. Out of the 40 instruments in the Forex asset class, EUR/GBP ended up ranking 5th for the day in terms of price change. Below is a price chart of EUR/GBP.

EUR/GBP Technical Analysis

Notably, the current price of EUR/GBP is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 62.4 pips away. 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days EUR/GBP’s price has gone up 5 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURGBP, with 6 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.32, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EUR/GBP 4H 1- Descending triangle2- 4H support broken