EUR/GBP Consolidates Sideways, May Face Rejection at Level 0.9000

EUR/GBP Consolidates Sideways, May Face Rejection at Level 0.9000

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 sideways move. The bulls failed to break the resistance line as price resumed a downward move. The pair is currently on a tight range between levels of 0.8900 and $0.9015. The market may reach a low of level 0.8900 if the current move persists.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 48 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: Ranging
On the 4-hour chart, the EUR/GBP pair is in a sideways move. The bulls retested the resistance zone on four different occasions before resuming a downward move. The price has reached level 0.9028 and it is expected to drop to level 0.8900.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping horizontally indicating the sideways move. The pair is below 40% range of the daily stochastic. It indicates that the market is approaching the oversold region. Also, price is in a bearish momentum.

General Outlook for EUR/GBP
The EUR/GBP pair is negotiating a downward move to the lower price range. Since June, the sideways movement has persisted. The market is approaching level 0.9000. The downward movement will continue if price breaks below this level. On July 21, the bears fail to break this level.

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

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