EUR/GBP Consolidates Above Level 0.8746, Downtrend Likely
Login

EUR/GBP Consolidates Above Level 0.8746, Downtrend Likely

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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

EUR/GBP Price Long-term Trend: Bearish
The EUR/GBP has continued its downward move. The price is making lower highs and lower lows. The pair has fallen to the low of level 0.8746 and resumed above it. The downtrend will continue once the current support is broken.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping downward. The pair has fallen to level 37 of the Relative Strength Index period 14. The pound is below the centerline 50. The price is also approaching the oversold region.

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP is in a downward move. On February 4 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The price retracement indicates that the pair will fall and reverse at level 1.618 Fibonacci extensions or level 0.8672.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. The pair is above the 25% range of the daily stochastic. The market is now in a bearish momentum. The pound has fallen into the oversold region.

General Outlook for EUR/GBP
The pound is now consolidating above level 0.8746. The pair will continue its downward move if the current support breaks.


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
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 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
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News