EUR/GBP Is Trapped Between Levels 1.0720 and 1.0800

Estimated Reading Time: 2 minutes

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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 has been trapped between levels 1.0720 and 1.0800 since July 15. The price has partially broken the key levels but has reverted to the range-bound zone. The pair is currently falling to the support level.

Daily Chart Indicators Reading:
The pair is at level 57 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 market is also fluctuating between levels of 1.0720 and 1.0800. Today, price is consolidating in the middle of price range. The pair is yet to trend for the past one month.

-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping horizontally indicating the sideways trend. The pair is above 20% range of the daily stochastic. The stochastic bands are sloping horizontally indicating the range bound movement.

General Outlook for EUR/GBP
The EUR/GBP pair is range bound and trades in a confined range. The pair is in a sideways trend because the uptrend in July has been terminated at level 1.0800. The market fell and became range-bound.

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