EURGBP Down 10 Pips Over Past Hour; Eyes 100 Day Average

Hourly Update

(Last Updated September 8, 2020 15:15 GMT)

Currently, EURGBP’s rate is down -10 pips (-0.11%) from the hour prior. The hourly chart shows that EURGBP has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend 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)

The back and forth price flow continues for EURGBP, which started today off at 0.89112, down 11 pips 0.12% from yesterday. Relative to other instruments in the Forex asset class, EURGBP ranked 23rd yesterday in terms of percentage price change. Here is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

The first thing we should note is that EURGBP is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 40.7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 16 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 20 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 1.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

We have a great Supply and DemandWe have a great double divergenceWe have a 2.5 Point trade


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