EUR/GBP Is in the Overbought Region, May Fall to Level 0.9040

EUR/GBP Is in the Overbought Region, May Fall to Level 0.9040

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 level 0.8950 and 0.9100. The price is fluctuating in the middle of the price range. The market is likely to fall after some time.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 54 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. A red candle body tested the 0.786 Fibonacci retracement level. It indicates that the price will rise and reach the level 1.272 Fibonacci extension level. At this level, the market will reverse to the 0.786 retracement level where it originated.

EUR/GBP- 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping horizontally indicating the sideways trend. The pair is above 80% range of the daily stochastic. EUR/GBP is in the overbought region of the market. Sellers may emerge in the overbought region to push prices down

General Outlook for EUR/GBP
The EUR/GBP pair is in a range bound move but the pair is likely to fall. The price is in the overbought region of the market. According to the Fibonacci tool, the market will fall to level 0.9040. Thereafter, the price action will continue.



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