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

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

Estimated Reading Time: 2 minutes

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: 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

  • 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