EUR/GBP Up 3 Pips in Last Hour, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated November 23, 2021 1:40 GMT)

At the moment, EURGBP’s rate is up 3 pips (0.04%) from the hour prior. This is the 2nd consecutive hour EURGBP has seen its price head up. Regarding the trend, note that the strongest trend exists on the 50 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 back and forth price flow continues for EURGBP, which started today off at 0.83896, down 3 pips 0.04% from the day prior. Out of the 39 instruments in the Forex asset class, EURGBP ended up ranking 29th for the day in terms of price change. Below is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Notably, the current price of EURGBP is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days EURGBP’s price has gone down 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!