EUR/GBP Consolidates Above Level 0.87000

EUR/GBP Consolidates Above Level 0.87000

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 on an ascending Channel. Since the pair fell to level 0.86816, the market has been fluctuating between the levels of 0.87000 and $0.88000. The market has been range-bound between those levels in the last one month. Today, price is testing level 0.88000 but it is being resisted. As soon as price falls to the lower price range, the upward move will resume. This has been the market scenario.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
Presently, the pair reached level 49 of the Relative Strength index period 14. This implies that the pair is in the downtrend zone and below the centerline 50. The 50-day SMA and 21-day SMA are sloping horizontally.

EUR/GBP Medium-term Trend: Ranging
On the 4-hour chart, the EUR/GBP pair was earlier in a bear market. A candle body is testing the 0.382 retracement level. This determines the extent of the downward move. According to the Fibonacci retracement level, the pair will reverse at the 1.618 extension level. At the moment, the market is in a sideways move. The bulls have not been able to break level 0.88000. A break above the upper price range means the resumption of the uptrend.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping horizontally indicating the range-bound movement. The pair is above 40% range of the daily stochastic. It indicates that price is in a bullish momentum.

General Outlook for EUR/GBP
The EUR/GBP pair is still in a sideways move. The price has continued to fluctuate in a sideways. Levels 0.87000 and $0.88000 are yet to be broken. Presently, the pair is fluctuating downward to the lower price range.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.