EUR/GBP Down 57 Pips Over Past 4 Hours

EUR/GBP 4 Hour Price Update

Updated March 31, 2020 01:05 PM GMT (09:05 AM EST)

EUR/GBP is down 57 pips (0.64%) since the last 4 hour candle (opening the current 4 hour candle near 0.887), marking the 2nd candle in a row a decrease has occurred. Compared to its peers in the Forex, EUR/GBP gave its buyers a return that ranked 36th in terms of percentage change since the last 4 hour candle.

EUR/GBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for EUR/GBP, which started today off at 0.8926, up 40 pips 0.45% from yesterday. Relative to other instruments in the Forex asset class, EUR/GBP ranked 3rd yesterday in terms of percentage price change. Here is a price chart of EUR/GBP.

EUR/GBP Technical Analysis

The first thing we should note is that EUR/GBP is now close to its 20 day averages, located at 0.9039 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 112.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 and 90 day timeframes, where price is headed up. For additional context, note that price has gone down 7 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURGBP, with 10 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CONFIRMATIONS TO GO LONG1. D completion of Bat Pattern2. Key Level3. Retest of Broken Resistance4. Test of Trendline