EURGBP Down 1 Pips Over Past Hour, Moves Down For the 2nd Consecutive Day; Breaks Below 20, 50 and 100 Day Averages

Hourly Update

(Last Updated September 10, 2021 2:17 GMT)

At the moment, EURGBP’s rate is down -1 pips (-0.01%) from the hour prior. This is the 2nd hour in a row EURGBP has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURGBP. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

EURGBP is down 40 pips (0.47%) since the day prior (opening today near 0.85444), marking the 2nd consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, EURGBP ended up ranking 34th for the day in terms of price change. Here is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

First things first: EURGBP crossed below its 20, 50 and 100 day moving averages 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 50 day average, which is 1.8 pips away. Volatility for EURGBP has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 14 days.