EUR/GBP Down 10 Pips On Hourly Chart; Moves Down For the 2nd Straight Day
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
EURGBP
(Last Updated February 24, 2021)
Welcome to the news page for EURGBP (EURGBP). Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
Forex Calendar for EURGBP
| metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
|---|---|---|---|---|---|---|---|
| Euro Area ECB McCaul Speech | NA | Euro | EUR | 2021-02-24 | 13:45 GMT | ||
| United Kingdom BoE Monetary Policy Report Hearings | NA | British Pound | GBP | 2021-02-24 | 14:30 GMT | ||
| United Kingdom BoE Gov Bailey Testimony | NA | British Pound | GBP | 2021-02-24 | 14:30 GMT | ||
| European Union European Council Meeting | NA | Euro | EUR | 2021-02-25 | 08:00 GMT | ||
| Euro Area Consumer Confidence Final | Feb 2021 | Euro | EUR | 2021-02-25 | 10:00 GMT | -14.8 |
The Trend
On EURGBP, there is currently a downtrend on the 90, 30 and 14 day timeframes.
EURGBP Moving Averages
Across several time periods between 20 and 200 days, the trend on EURGBP has remained consistently bearish.
The chart below illustrates.
Regarding EURGBP’s correlations over the past 7 days, it has been most correlated with GBPCHF. GBPCHF is the asset with which EURGBP has been most correlated with over the past two weeks as well, so this may be a structural correlation in the market. On the flip side, the asset least correlated with EURGBP over the past week has been USDNOK, but if we observe the prior two weeks, the asset least correlated with EURGBP has been GBPAUD. See the chart below to observe the recent price action in EURGBP versus those of assets it hasn’t been well correlated with.
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The View From the Weekly Timeframe
At the time of this writing, EURGBP’s rate is down -35 pips (-0.4%) from the week prior. It’s been a feast for bears operating on the weekly timeframe, as EURGBP has now gone down 5 of the past 5 weeks. Regarding the trend, note that the strongest trend exists on the 5 week timeframe. Looking further out, the moving averages on the weekly 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. The weekly chart below shows EURGBP’s price action over the past year.
EURGBP: The Monthly View
Monthly view favors rangebound strategies. No clear trend on the 24, 60 and 120 month timeframes.
EURGBP Down 6 Pips Over Past Hour, Came Into Today Down For the 2nd Straight Day; in a Downtrend Over Past 14 Days
The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.
EURGBP Up 1 Pips Over Past Hour, 2 Day Down Streak Broken; in a Downtrend Over Past 14 Days
Price action traders may also wish to note that we see a pin bar candlestick pattern on eurgbp.
EURGBP Up 2 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 14 Days
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
EURGBP Down 2 Pips On Hourly Chart; in a Downtrend Over Past 30 Days
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
EURGBP Up 3 Pips in Last Hour, 7 Day Down Streak Ended; in a Downtrend Over Past 14 Days
Or to simplify this another way, note that out of the past 10 days eurgbp’s price has gone down 8 them.
EURGBP Up 4 Pips Over Past Hour, Moves Down For the 7th Day In A Row; in a Downtrend Over Past 14 Days
The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.
EURGBP Up 4 Pips in Last Hour; Came Into Today Down For the 6th Consecutive Day
Relative to other instruments in the forex asset class, eurgbp ranked 38th the day prior in terms of percentage price change.
EURGBP Down 0 Pips in Last Hour; Moves Down For the 5th Day In A Row
Compared to its peers in the forex, eurgbp gave its buyers a return that ranked 26th in terms of percentage change since the day prior.
EURGBP Down 1 Pips On Hourly Chart, Entered Today Down For the 4th Day In A Row; in a Downtrend Over Past 30 Days
The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.