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 presently falling after retesting level 0.9000. The downtrend has been ongoing since June 29. The price has broken below the bullish trend line. This is an indication that the selling pressure may continue on the downside.
Daily Chart Indicators Reading:
The pair is at level 48 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. It indicates the present upward move.
EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the EUR/GBP pair has been on a downward move. The pair was resisted at level 0.9050 as the market dropped to level 0.8950. The price corrected upward to retest level 0.9000 twice before resuming the downward move. The downtrend is likely to continue.
4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward indicating the downtrend. The pair is below 20% range of the daily stochastic. It indicates that the market is approaching the oversold region. In the oversold region, buyers are likely to emerge to push prices upward.
General Outlook for EUR/GBP
The EUR/GBP pair has fallen and reached level 0.8960. The selling pressure is ongoing as price approaches the oversold region. The market may fall and reach a low of 0.8900.
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