EURGBP Up 2 Pips in Last Hour, 2 Day Down Streak Ended; Crosses 200 Day Moving Average

Hourly Update

(Last Updated November 20, 2020 2:17 GMT)

Currently, EURGBP’s rate is up 2 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURGBP has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURGBP. Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

The back and forth price flow continues for EURGBP, which started today off at 0.8949, up 21 pips 0.23% from yesterday. Compared to its peers in the Forex, EURGBP gave its buyers a return that ranked 4th in terms of percentage change since yesterday. Let’s take a look at price chart of EURGBP.

EURGBP

EURGBP Technical Analysis

Notably, EURGBP crossed above its 200 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 200 day average, which is 9.9 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 down. For additional context, note that price has gone up 7 out of the past 14 days.