EUR/GBP in a Sideways Trend, Breaks Resistance at Level 0.90000


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 has resumed an upward movement. A bullish trend line is drawn which indicates the support levels of price. The market has risen and reached level 0.90728. The price is falling as it faces resistance at 0.90728. The market is falling as it reaches the low of level 0.90310. The uptrend will resume after a retracement.

EURGBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and 21-day SMA are sloping upward. It indicates that the pair is in an uptrend. The market has risen to level 61 of the Relative Strength index period 14. It implies that the market is in the uptrend zone and above the centerline 50.

EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the pair was earlier in a sideways trend. It was fluctuating between level 0.89000 and 0.90000. However, the bulls have broken level 0.90000 resistance to reach a high of 0.90688. At the recent high, the pair reached the overbought region. Sellers emerged as the market continues a downward move. The price may retrace to level 0.90000 before the resumption of the uptrend.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward. It indicates that the market is in an uptrend. The pair is above 80% range of the daily stochastic. It implies that the market has reached the overbought region. The market is currently falling as sellers push prices down.

General Outlook for EUR/GBP
The EUR/GBP pair is now in an uptrend. The uptrend is interrupted at level 0.90500. The market has retraced to level 0.90310 at the time of writing. The uptrend will resume above the current support at level 0.90000.

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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.