EUR/GBP Up 4 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; is Inching Close to 100 Day Average

Hourly Update

(Last Updated July 19, 2022 1:38 GMT)

At the time of this writing, EURGBP’s rate is up 4 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 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)

A moment of silence, please, for the end of EURGBP’s 4 day up streak; price ended the previous day down 9 pips (-0.11%) to finish the day at a rate of 0.84881. Relative to other instruments in the Forex asset class, EURGBP ranked 28th the previous day in terms of percentage price change. Here 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days EURGBP’s price has gone up 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.