Below is CFDTrading archive of daily coverage for EURGBP.
The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 22.97% from the day prior, and up 90.4% from the same day the week before.
Relative to other instruments in the forex asset class, eur/gbp ranked 3rd yesterday in terms of percentage price change.
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 2.94% from the day prior, but up 52.53% from the same day the week before.
Volatility for eur/gbp has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note.
Volatility for eur/gbp has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note.
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.
This imputes a buy/sell ratio of 2.89, which is bullish.
On a relative basis, eur/gbp was the worst performer out of all 40 of the assets in the forex asset class.
The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.