EUR/GBP Up 2 Pips On Hourly Chart; Nears 20 and 200 Day Moving Averages

Hourly Update

(Last Updated November 27, 2020 1:31 GMT)

At the moment, EURGBP’s rate is up 0.0002 (0.02%) from the hour prior. This is the 2nd consecutive hour EURGBP has seen its price head up. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

EURGBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURGBP entered today at 0.89155, up 19 pips (0.21%) from yesterday. Out of the 40 instruments in the Forex asset class, EURGBP ended up ranking 8th for the day in terms of price change. Here is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Coming into today EURGBP is now close to its 20, 50, 100 and 200 day averages, located at 0.8952, 0.9034, 0.9036 and 0.8953 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 20 day average, which is 36.9 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days EURGBP’s price has gone down 6 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 6 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURGBP is trading on the important key level within wedge, where it has formed double bottom.LONG BIASTARGET:1st 0.898722nd 0.90431