EUR/GBP Up 2 Pips On Hourly Chart; Nears 20 and 200 Day Moving Averages
As for the rationale, technical traders seem to be citing the appearance of channel and wedge technical patterns.
EURGBP
(Last Updated November 26, 2020)
Hello! This is the news page for EURGBP. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
On EURGBP, there is currently a downtrend on the 90, 30 and 14 day timeframes.
EURGBP Moving Averages
The moving averages on EURGBP summarize its price action in an interesting way. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 200 are bearish, implying a downward trend, aside from a jump about 6 months prior.
Below is a chart showing EURGBP’s price with its moving averages.
Regarding EURGBP’s correlations over the past 7 days, it has been most correlated with GBPCHF. EURGBP has been most correlated with GBPCHF over the past 14 days also, so this may be a recurring pattern. On the flip side, the asset least correlated with EURGBP over the past week has been EURUSD, the same as it has been over the past two weeks as well. The chart below illustrates EURGBP against its least correlated assets.
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The View From the Weekly Timeframe
Currently, EURGBP’s rate is down -0.0022 (-0.24%) from the week prior. EURGBP has seen its price go down 4 out of the past 5 weeks, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 10 week timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURGBP. Given that we see downtrend on the 10 weekly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Looking further out, the moving averages on the weekly timeframe suggest a bearishness in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. EURGBP’s weekly price action over the past 52 weeks can be seen via the chart below.
EURGBP: The Monthly View
Clearest trend on the monthly is apparent at the 60 month timeframe.
EUR/GBP Down 0 Pips Over Past Hour; Pin Bar Pattern Appearing on Chart
The closest is the 200 day average, which is 53.7 pips away.
EUR/GBP Up 2 Pips in Last Hour; 2 Day Down Streak Broken
The closest is the 200 day average, which is 49.9 pips away.
EUR/GBP Down 0 Pips in Last Hour, Entered Today Down For the 2nd Day In A Row; in a Downtrend Over Past 30 Days
This imputes a buy/sell ratio of 4.67, which is bullish.
EURGBP Down 0 Pips Over Past Hour; Breaks Below 200 Day Average
Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on eurgbp.
EURGBP Up 1 Pips On Hourly Chart, Breaks Below 200 Day Average; in a Downtrend Over Past 30 Days
Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
EURGBP Up 2 Pips in Last Hour, 2 Day Down Streak Ended; Crosses 200 Day Moving Average
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.
EURGBP Up 5 Pips On Hourly Chart, Came Into Today Down For the 2nd Consecutive Day; Price Base in Formation Over Past 90 Days
Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
EURGBP Up 3 Pips in Last Hour, Price Base in Formation Over Past 90 Days; Nears 200 Day Moving Average
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
EURGBP Up 4 Pips On Hourly Chart, Price Base in Formation Over Past 90 Days; Doji Pattern Appearing on Chart
For additional context, note that price has gone up 5 out of the past 10 days.