EUR/GBP Approaches Level 0.8950, May Resume an Upward Move

Key Resistance Levels: 0.9200, 0.9400, 0.9600
Key Support Levels: 0.8800, 0.8600, 0.8400

EUR/GBP Price Long-term Trend: Ranging
The EUR/GBP pair is in a sideways move. The price is fluctuating between levels of 0.8960 and 0.9200. The market is falling as price approaches the support level. The market may resume an upward move after testing the support level.

Daily Chart Indicators Reading:
The pair is at level 48 of the Relative Strength Index period 14. This implies that the market is in the downtrend zone and below the centerline 50. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates the present sideways move.

EUR/GBP Medium-term Trend: Ranging
On the 4-hour chart, the EUR/GBP pair is in a sideways move. The pair is range-bound between levels 0.8950 and 0.9150. The price has not retested the key levels of the market. The price is approaching the support level.

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping horizontally indicating the sideways trend. The pair is below 40% range of the daily stochastic. The stochastic bands are sloping horizontally indicating range bound movement.

General Outlook for EUR/GBP
The EUR/GBP pair has fallen to the support level. The support level is likely to hold. Range bound traders will utilize the opportunity to initiate long orders.


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