EURGBP Up 3 Pips On Hourly Chart, Outperforms All Forex; 3 Day Down Streak Ended

Hourly Update

(Last Updated January 6, 2021 2:18 GMT)

Currently, EURGBP’s rate is up 3 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. 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, which opened today priced near 0.90178, is up 74 pips 0.83% since yesterday, marking a reversal from the day prior — and the end of a 3 day negative run. EURGBP outperformed all 40 assets in the Forex asset class yesterday. Congrats to its holders! The price chart of EURGBP below illustrates.

EURGBP

EURGBP Technical Analysis

First things first: EURGBP crossed above its 50 and 200 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 12.4 pips away. 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. For additional context, note that price has gone up 5 out of the past 10 days.