EURGBP Up 1 Pips Over Past Hour, Entered Today Up For the 3rd Consecutive Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 23, 2020 0:15 GMT)

At the time of this writing, EURGBP’s rate is up 1 pips (0.01%) 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 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 up 20 pips (0.22%) since the previous day (opening today near 0.91842), marking the 3rd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, EURGBP ranked 15th the previous day in terms of percentage price change. Here is a price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Notably, EURGBP is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 17 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURGBP, with 11 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURGBP is stuck on the supply area and break forms Rising Wedge Pattern, possibly it will go down to the demand area.


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