EUR/GBP Is in an Uptrend, Approaches Overbought Region at Level 0.92000

EUR/GBP Is in an Uptrend, Approaches Overbought Region at Level 0.92000

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 bulls have broken the resistance at level 0.90800 and it is approaching level 0.92000. A correction candle body tested the 0.618 Fibonacci retracement level. It indicates that the pair will rise and reach a high of 1.618 extension level. Thereafter, the price action will continue.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and 21-day SMA are sloping upward. It indicates that the pair is in an uptrend. The market has risen to level 69 of the Relative Strength index period 14. It implies that price is in the uptrend zone and above the centerline 50. The index is approaching the overbought region of the market. Sellers are likely to emerge soon.

EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an uptrend. The former sideways trend has been broken as price reached a high of level 0.91609. The uptrend is likely to be interrupted as it reaches the overbought region.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping upward. It indicates that the market is in an upward move. The pair is above 80% range of the daily stochastic. It implies that the market is now in an overbought region of the market. EUR/GBP will soon make a downward move in the overbought region.

General Outlook for EUR/GBP
The EUR/GBP pair is now in an uptrend. The earlier sideways move between 90200 and 90800 has been broken. Presently, the market has entered the overbought region where price will have a downward movement of prices.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results






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