EUR/GBP Faces Rejection at 0.9140, May Resume Sideways Trend

EUR/GBP Faces Rejection at 0.9140, May Resume Sideways Trend

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

EUR/GBP Price Long-term Trend: Bullish
The EUR/GBP pair is in an uptrend. The current uptrend is facing resistance at level 0.9140. The bulls retested the resistance twice before resuming a downward move. Buyers have been retesting the resistance zone since early July. A break above the current resistance will push the coin to rally above level 0.9200. The pair will continue to trade below the resistance if the resistance remains unbroken.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 59 of the Relative Strength index period 14. This implies that the market is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping upward. It indicates the present upward move.


EUR/GBP Medium-term Trend: Ranging
On the 4-hour chart, the EUR/GBP pair is in a sideways move. The bulls have retested the resistance at 0.9140 before making a downward move. The pair will be compelled to a sideways move if the bulls fail to break the current resistance at 0.9140.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is above 70% range of the daily stochastic. It indicates that the market is in a bullish momentum.

General Outlook for EUR/GBP
The EUR/GBP is presently facing resistance at level 0.9140. The pair may fluctuate between levels 0.9040 and 0.9140 if the bulls fail to break the resistance at 0.9140.


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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