EUR/GBP Is in the Overbought Region as Sellers Emerge

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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 pair is fluctuating between levels 0.8950 and 0.9100. Since July the key levels have not been broken. The market is currently fluctuating in the middle of price range.

Daily Chart Indicators Reading:
The pair is at level 51 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. 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 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 80% range of the daily stochastic. The pair is in the overbought region of the market. Sellers may emerge in the overbought region.

General Outlook for EUR/GBP
The EUR/GBP pair is in a range bound move but is in the overbought region of the market. Sellers are likely to emerge to push prices down.

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