EUR/GBP Up 2 Pips Over Past Hour, in a Downtrend Over Past 14 Days; Eyes 100 and 200 Day Averages

Hourly Update

(Last Updated July 13, 2022 1:38 GMT)

At the time of this writing, EURGBP’s rate is up 2 pips (0.02%) from the hour prior. This is the 2nd straight hour EURGBP has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURGBP. Given that we see downtrend on the 10 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 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)

EURGBP entered today at 0.84437, up 1 pips (0.01%) from the previous day. Relative to other instruments in the Forex asset class, EURGBP ranked 15th the previous day in terms of percentage price change. The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

Coming into today EURGBP is now close to its 20, 50, 100 and 200 day averages, located at 0.8566, 0.8538, 0.845 and 0.8441 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 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days EURGBP’s price has gone up 16 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURGBP; just 3 sell signals and 2 buy signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

SELL ENTRY @0.84476STOP LOSS@0.84916TAKE PROFIT@0.83814Market Update (Looking to Long) Like and SubscribeThank you Please support our analysis with a like or comment