EUR/GBP Up 2 Pips in Last Hour, 2 Day Down Streak Ended; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 12, 2020 1:30 GMT)

Currently, 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 20 hour changed directions on EURGBP; it is now pointing down. 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)

EURGBP entered today at 0.89038, up 4 pips (0.05%) from the previous day. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 19th in terms of percentage change since the previous day. Let’s take a look at price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Notably, EURGBP is now close to its 20, 50, 100 and 200 day averages, located at 0.9022, 0.907, 0.9046 and 0.8923 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 19.3 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days EURGBP’s price has gone down 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 22 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 4.4, 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; below is a short snippet from it to give you a taste.

Hello dear traders, welcome to my page. If you think my analysis is good and useful, thank you. Follow me for likes and support In this idea, I used the trend line, channel and Fibonacci.l Strong resistance. harmonic patern