EUR/GBP Up 13 Pips Over Past 4 Hours, Came Into Today Up For the 3rd Day In A Row; Crosses 50 Day Moving Average

EUR/GBP 4 Hour Price Update

Updated May 13, 2020 01:08 AM GMT (09:08 PM EST)

EUR/GBP is up 13 pips (0.15%) since the previous 4 hours (opening the current 4 hour candle near 0.8851), marking the 5th candle in a row an increase 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 4 pips (0.04%) since the day prior (opening today near 0.88511), marking the 3rd day in a row an increase has occurred. Compared to its peers in the Forex, EUR/GBP gave its buyers a return that ranked 19th in terms of percentage change since the day prior. Here is a price chart of EUR/GBP.

EUR/GBP Technical Analysis

First things first: EUR/GBP crossed above its 50 day moving average 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 3.4 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURGBP, with 15 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

E/G ANALYSIS 5/12/20Price has broken out of trianglefollowed by breaking weekly resistance at 0.8800 without any sort of retracement, impulsively….Looking for a possible short position to the levels below as the GBP gain some strength this weekMY LAST ANALYSIS REGARDING THIS PAIR :)https://www.tradingview.com/chart/EURGBP/0cp619DB-EUR-GBP-LONG/Do NOT trade before taking confirmation….Reminder: Drawing is only an idea of how the price will move, it’s NOT 100% perfection due to market natureMessage for private entries!