EURGBP Up 5 Pips in Last Hour, in a Downtrend Over Past 90 Days; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated July 28, 2021 9:17 GMT)

At the moment, EURGBP’s rate is up 5 pips (0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

The choppiness in the recent daily price action of EURGBP continues; to start today, it came in at a price of 0.85384, down 21 pips (0.25%) since yesterday. Relative to other instruments in the Forex asset class, EURGBP ranked 33rd yesterday in terms of percentage price change. The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

The first thing we should note is that EURGBP is now close to its 20, 50, 100 and 200 day averages, located at 0.8565, 0.858, 0.8608 and 0.8715 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 10 days.