EUR/GBP Continues a Downward Move, May Reach the Low of 0.8820
Login

EUR/GBP Continues a Downward Move, May Reach the Low of 0.8820

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:

Key Resistance Levels: 0.9200, 0.9400, 0.9600
Key Support Levels: 0.8800, 0.8600, 0.8400

EUR/GBP Price Long-term Trend: Bearish
The EUR/GBP pair is on a downward move. The price has earlier tested the 0.9150 resistance twice before resuming a downward move. The pair has formed a bearish double top which is responsible for the downward move. The selling pressure will continue.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping downward indicating the downtrend. The pair is at level 35 of the Relative Strength Index period 14. This implies that the market is approaching the oversold region and below the centerline 50.

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP pair is falling as price reaches the low of 0.88200. A green candle body tested the 50% Fibonacci retracement level. The pair will fall and reach the 2.0 Fibonacci extension level. That is the market will reach the low of 0.8820.

EUR/GBP – 4 Hour CFhart

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. It indicates the present downward move. The pair is below the 20% range of the daily stochastic. It is in the oversold region. The selling pressure is likely to continue

General Outlook for EUR/GBP
The EUR/GBP pair has been on a downward move. The downtrend is likely to continue. According to the Fibonacci tool, the market is likely to reach the 2.0 Fibonacci extension level. That is a low of 0.8820.



Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News