EUR/GBP Downtrend Will Resume if the Pair Faces Rejection at Level 0.8850

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


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 selling pressure has reached the low of level 0.8832 but the price is fluctuating below level 0.8850. The downtrend will continue if the current resistance is not breached. Also, the pair will fall as it trading below the SMAs. Upward moves resume when the price breaks above the SMAs.

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping downward. The pair has fallen to level 36 of the Relative Strength Index period 14. The pound is below the centerline 50. The price is also approaching the oversold region.

EUR/CHF – Daily Chart

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP is in a downward move. On January 27 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The price retracement indicates that the pair will fall and reverse at level 2.0 Fibonacci extensions or level 0.8708.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. The pair is below the 20% 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 likely to continue its downward move. Presently, it is moving up to level 0.8850. The uptrend will resume if the price breaks above level 0.8850. Otherwise, the downtrend will resume. According to the Fibonacci tool analysis, the market will reach level 0.8708.



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

Share with other traders!

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.

Leave a Reply

Your email address will not be published. Required fields are marked *