EURGBP Up 5 Pips On Hourly Chart, Came Into Today Down For the 2nd Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 19, 2020 2:18 GMT)

At the time of this writing, EURGBP’s rate is up 5 pips (0.06%) from the hour prior. The hourly chart shows that EURGBP has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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)

EURGBP is down 24 pips (0.27%) since the previous day (opening today near 0.89281), marking the 2nd consecutive day a decrease has occurred. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 28th in terms of percentage change since the previous day. The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

First things first: EURGBP crossed below its 200 day moving average yesterday. 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 200 day average, which is 7.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days EURGBP’s price has gone down 6 them.