(Last Updated April 27, 2021 2:18 GMT)
At the moment, EURGBP’s rate is up 1 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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)
After 5 up days, EURGBP snaps its streak, falling 22 pips (-0.26%) over the past day to close at an exchange rate of 0.86926. Relative to other instruments in the Forex asset class, EURGBP ranked 30th the previous day in terms of percentage price change. Here is a price chart of EURGBP.
EURGBP Technical Analysis
Coming into today EURGBP is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 31.5 pips away. Volatility for EURGBP has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 8 out of the past 14 days. Also, candlestick traders! Note we see doji pattern appearing here as well.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURGBP, with 5 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.83, which is neutral. 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 that we thought you might enjoy.