EURGBP Down 2 Pips in Last Hour, Came Into Today Up For the 5th Consecutive Day; is Inching Close to 20 Day Average

Hourly Update

(Last Updated March 26, 2021 1:18 GMT)

At the time of this writing, EURGBP’s rate is down -2 pips (-0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 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 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 200 hour changed directions on EURGBP; it is now pointing down. 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 is up 10 pips (0.11%) since the previous day (opening today near 0.8633), marking the 5th consecutive day it has gone up. Out of the 39 instruments in the Forex asset class, EURGBP ended up ranking 9th for the day in terms of price change. The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

Notably, EURGBP is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days EURGBP’s price has gone down 17 them.