EUR/GBP Breaks below Level 0.9000, Targets Level 0.8940

EUR/GBP Breaks below Level 0.9000, Targets Level 0.8940

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.

EURGBP – Daily Chart

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.

EUR/GBP – 4 Hour Chart

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.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Share with other traders!