EUR/GBP Is in an Uptrend, Approaches Level 0.9150

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: Bullish
The EUR/GBP pair is in an uptrend. The first uptrend was terminated at level 0.90879 and it retraced to level 0.90500. The pair has resumed a fresh uptrend at the current support. A fresh uptrend has resumed and price is expected to reach a high of 0.91500.

Daily Chart Indicators Reading:
The pair is at level 59 of the Relative Strength index period 14. This implies that the market is in the uptrend zone and above the center line 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 is rising. A correction candle body tested the 0.786 Fibonacci retracement level. It indicates that price will rise and reach level 1.272 Fibonacci extension level. In other words, the market will reach level 0.9150.

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping upward indicating the uptrend. The pair is above 60% range of the daily stochastic. It indicates that the market is in a bullish momentum.

General Outlook for EUR/GBP
The EUR/GBP pair is an uptrend. The market has been rising from the low of level 0.8950. The upward move may face resistance at level 0.9100. A break above level 0.9100 will push price to 0.9150.

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