EURGBP Up 30 Pips in Last Hour, Came Into Today Up For the 3rd Consecutive Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 10, 2020 16:15 GMT)

Currently, EURGBP’s rate is up 30 pips (0.33%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURGBP has now gone up 5 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

EURGBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURGBP is up 7 pips (0.08%) since the previous day (opening today near 0.9076), marking the 3rd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, EURGBP ranked 19th the previous day in terms of percentage price change. The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

Notably, EURGBP is now close to its 20, 50 and 100 day averages, located at 0.8982, 0.9015 and 0.896 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 50 day average, which is 61.3 pips away. For additional context, note that price has gone down 15 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 17 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 1.06, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a parabolic sar technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

The Euro extended the current bullish move vs the Pound after the ECB maintains current monetary policy measures. FX rate and its effect on inflation to be monitored


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram