EUR/GBP in a Tight Range Between Levels 0.89000 and 0.90000

EUR/GBP in a Tight Range Between Levels 0.89000 and 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: Bullish
The EUR/GBP pair is in a bullish trend. Since on May 19, the market has been fluctuating between level 0.89000 and 0.90000. The pair is currently falling and approaching the low of level 0.88874. An upward move is likely to resume as the market has fallen below level 0.89000.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 49 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 upward indicating the uptrend.

EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the EUR/GBP pair is in a brief upward move. Later, the market is in a sideways move between level 0.89000 and 0.90000. From the price action, the market is indicating bullish signals, signaling the end of the downtrend.

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 below 20% range of the daily stochastic. It implies that buyers are likely to emerge in the oversold region to push prices upward.

General Outlook for EUR/GBP
The EUR/GBP pair is presently in a range-bound move between level 0.89000 and 0.90000. The price has fallen to the lower range and an upward move is expected. The price is expected to rise again to level 0.90000.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.