EUR/GBP Is in a Sideways Move Below Level 0.9100

EUR/GBP Is ina Sideways Move Below Level 0.9100

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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 market is in a choppy price action. The price moves up to retest the 0.9100 resistance and then fall to resume the sideways move. Since May the pair has been in a sideways move.

Daily Chart Indicators Reading:
The pair is at level 45 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 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. The pair is range-bound move between levels 0.8950 and 0.9150. The price has not retested the levels of the market. The price is currently range-bound in the middle of the price range.

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping horizontally indicating the sideways trend. The pair is below 40% range of the daily stochastic. The stochastic bands are sloping horizontally indicating range bound movement.

General Outlook for EUR/GBP
The EUR/GBP pair is range bound and the market has a choppy price action. The price is currently fluctuating between levels of 0.8950 and 0.91500. The price action has not fluctuated beyond this level.

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