EUR/GBP Up 18 Pips On 4 Hour Chart, in an Uptrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

EUR/GBP 4 Hour Price Update

Updated July 22, 2020 09:16 AM GMT (05:16 AM EST)

EUR/GBP is up 18 pips (0.2%) since the last 4 hour candle (opening the current 4 hour candle near 0.9088), marking the 5th candle in a row an upward move has occurred. Out of the 37 instruments in the Forex asset class, EUR/GBP ended up ranking 8th for the four-hour candle in terms of price change.

EUR/GBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/GBP is up 10 pips (0.11%) since the previous day (opening today near 0.90628), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, EUR/GBP gave its buyers a return that ranked 11th in terms of percentage change since the previous day. The price chart of EUR/GBP below illustrates.

EUR/GBP Technical Analysis

Coming into today the current price of EUR/GBP is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 30 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 30 days EUR/GBP’s price has gone up 18 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURGBP, with 23 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 3.83, which is bullish. As for the rationale, technical traders seem to be citing the appearance of double top and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Today’s Daily Candle printed as a bullish pin bar also rejecting the Golden FIB levels. I will be taking this long and just riding the trend up.