EUR/GBP Is Falling but Consolidates Above Level 0.87000

EUR/GBP Is Falling but Consolidates Above Level 0.87000

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 pair is in a downward move in March and the selling pressure extended to April. The market fell to a low of 0.86962 and made an upward move. The bulls’ upward move was short-lived as they were repelled at 0.88630. The downward move resumes and if the selling pressure continues the market will reach a low of 0.86000.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The pair is currently at level 44 of the Relative Strength index period 14. This implies that the pair is in the downtrend zone and below the center-line 50. The downward movement will continue as the upward move was interrupted.

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, EUR/GBP pair is in a bear market. A bull candle body is testing the 0.382 Fibonacci retracement levels. The candlestick body indicates that the selling pressure will extend to 1.618 Fibonacci extensions. That is to the low of 0.86000 price level. Presently, the market is consolidating above 0.87000 price level.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The price is below 40% range of the daily stochastic indicating that the market is in a bearish momentum. The 50-day and 21-day SMA are sloping downward indicating the bear market.

General Outlook for EUR/GBP
The pair is presently falling. The bulls were initially attempting to take price upward but were repelled. The indicators are all giving bearish signals. The Fibonacci tool indicates the bear market reversal at 0.86000.

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Author : Azeez Mustapha


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