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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 are retesting the resistance line to break above it. The upward move is hampered as the pair continues to face resistance. The price will fall if sellers resume selling. Alternatively, selling may resume if the pair reaches the previous high of level 0.9150.
Daily Chart Indicators Reading:
The pair is at level 61 of the Relative Strength index period 14. This implies that the market is still in the uptrend zone and above 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. EUR/GBP is fluctuating between level 0.9080 and 0.9140. The bulls and bears are yet to break key levels as price continues to fluctuate. The pair has been trapped since July as it fails to trend.
4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping horizontally indicating the sideways move. The pair is above 70% range of the daily stochastic. It indicates that the market is approaching the overbought region. Sellers have emerged as the price action has indicated bearish signals.
General Outlook for EUR/GBP
The EUR/GBP pair has continued to fluctuate in a confined range. The bulls have reached the resistance line and are attempting to make a downward move. The pair will trend once the key levels are broken.
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