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

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

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.

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