EUR/GBP Breaks Level 0.90000, Resumes Uptrend


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 was earlier in a sideways trend. The current uptrend is likely to break the previous range as the market approaches the high of level 0.90500. The current momentum will extend to level 0.91000.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The pair is above 60% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 50-day SMA and 21-day SMA are sloping upward indicating the uptrend. The moving averages have made a bullish crossover. That is the 21-day SMA crosses over the 50-day SMA.

EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the EUR/GBP pair was previously in a sideways trend. The pair is now in an uptrend. A candle body tested the 0.618 Fibonacci retracement level. This indicates that the pair will reach a high of 1.618 Fibonacci extension level. Nonetheless, thereafter the momentum will reach  higher price level.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping upward indicating the uptrend. The pair has risen to level 67 of the Relative Strength index period 14. This implies that the market is in the uptrend zone and above the centerline 50.

General Outlook for EUR/GBP
The EUR/GBP pair is now in an uptrend. According to the Fibonacci tool, the market will rise to the level 1.618 Fibonacci extension level. In other words, it will reach a high of level 0.90903.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.