EUR/GBP Is Range-Bound Between Levels 0.89000 and 0.90000

EUR/GBP Is Range-Bound Between Levels 0.89000 and 0.90000

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 trading in a sideways trend. The pair has risen and it is testing level 0.90000 which is the upper price range. However, since May, price has been reversing after testing the upper price range. The pair is likely to reverse.

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 action is indicating a shooting star candlestick indicating that the current upward move is reversing. The market is falling and may reach a low of level 0.89500. Meanwhile, the market is still fluctuating between levels of 0.89000 and 0.90000.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping horizontally indicating a sideways move. The pair is above 75% range of the daily stochastic. It indicates that the market is approaching the overbought region.

General Outlook for EUR/GBP
The EUR/GBP pair is in a sideways trend. The pair is currently falling as it reaches the upper price range. The sideways trend has been ongoing since April after a bear market.



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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.