EUR/GBP Up 2 Pips in Last Hour; 2 Day Down Streak Broken

Hourly Update

(Last Updated November 25, 2020 1:30 GMT)

At the time of this writing, EURGBP’s rate is up 0.0002 (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURGBP has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURGBP. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURGBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EURGBP continues; to start today, it came in at a price of 0.8898, up 14 pips (0.16%) since the day prior. Relative to other instruments in the Forex asset class, EURGBP ranked 19th the day prior in terms of percentage price change. Below is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Notably, EURGBP is now close to its 20, 50, 100 and 200 day averages, located at 0.8966, 0.9042, 0.9037 and 0.8948 respectively, and thus may be at a key juncture along those timeframes. 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 200 day average, which is 49.9 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 11 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 1.57, which is bullish. 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 that we thought you might enjoy.