EUR/GBP 4 Hour Price Update

Updated April 08, 2020 12:52 AM GMT (08:52 PM EST)

EUR/GBP, which opened the current 4 hour candle priced near 0.8831, is down 3 Pips 0.03% since the previous 4 hours, marking a reversal from the candle prior — and the end of a 3 four-hour candle positive run. Out of the 36 instruments in the Forex asset class, EUR/GBP ended up ranking 15th for the four-hour candle in terms of price change.

EUR/GBP End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/GBP, which opened today priced near 0.8828, is down 0 pips 0% since the previous day, marking NA — and the end of a 4 day positive run. Compared to its peers in the Forex, EUR/GBP gave its buyers a return that ranked 29th in terms of percentage change since the previous day. The price chart of EUR/GBP below illustrates.

EUR/GBP Technical Analysis

Coming into today the current price of EUR/GBP is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 84.3 pips away. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days EUR/GBP’s price has gone up 16 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on Eurgbp, with 19 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 3.8, which is bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price bounced off the 61.8 fib level….Also the 61.8 fib level is a daily support level….On top of that price broke and retested zone.

The post EUR/GBP Down 3 Pips in Last 4 Hours, 4 Day Up Streak Ended; Price Base in Formation Over Past 30 Days appeared first on CFDTrading.