EURGBP Up 1 Pips Over Past Hour, Came Into Today Up For the 2nd Straight Day; Nears 20, 50 and 100 Day Moving Averages

Hourly Update

(Last Updated September 8, 2021 0:17 GMT)

Currently, EURGBP’s rate is up 1 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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)

EURGBP is up 4 pips (0.04%) since the day prior (opening today near 0.85785), marking the 2nd straight day it has gone up. Out of the 39 instruments in the Forex asset class, EURGBP ended up ranking 15th for the day in terms of price change. Let’s take a look at 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 averages, located at 0.8562, 0.8544, 0.8569 and 0.8625 respectively, and thus may be at a key juncture along those timeframes. 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 9.6 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days EURGBP’s price has gone up 15 them.