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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 downward move after a range-bound movement since May. The price has broken the bullish trend line. It is an indication of a further downward move. The pair is currently correcting upward at level 0.9000.
Daily Chart Indicators Reading:
The pair is at level 45 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: Bearish
On the 4-hour chart, the EUR/GBP pair is in a downward move. A green candle body tested the 0.382 Fibonacci retracement level. It indicates the pair will fall to the 2.619 Fibonacci extension level. In other words, the market will reach a low of 0.8940.
4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping southward indicating the downtrend. The pair is below 20% range of the daily stochastic. It indicates that the market is approaching the oversold region. Also, the pair is in a bearish momentum.
General Outlook for EUR/GBP
The EUR/GBP pair is in a downward move after weeks of a sideways trend. According to the Fibonacci tool, the market will fall and reach a low of 0.8940. In the meantime, price is correcting upward.
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