EUR/GBP Is in an Uptrend, Approaches the Overbought Region at Level 0.90

EUR/GBP Is in an Uptrend, Approaches the Overbought Region at Level 0.90

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 a sideways move in May and June. The pair is still fluctuating between levels 0.89000 and 0.90000. The market is currently fluctuating upward to reach the upper price range. Presently, price is approaching the overbought region. The implication is that the pair will be on a downward move.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 58 of the Relative Strength index period 14. This implies that the market is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping horizontally indicating the sideways move.

EUR/GBP Medium-term Trend: Ranging
On the 4-hour chart, the EUR/GBP pair is in a sideways trend. The price is fluctuating between level 0.89000 and 0.90000. The market is approaching level 0.90000, the overbought region. In the overbought region, the pair may begin a downward move.

EUR/GBP – Daily Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping horizontally indicating a sideways move. The pair is above 80% range of the daily stochastic. It indicates that price is in the overbought region. The presence of sellers is likely to emerge in the overbought region to push prices down.

General Outlook for EUR/GBP
The EUR/GBP pair is in a sideways trend. The market has reached the overbought region. As soon as the price reaches overbought amount, a downward move will follow.



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