EUR/GBP May Resume Downward, Faces Rejection at Level 0.9070

EUR/GBP May Resume Downward, Faces Rejection at Level 0.9070

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
EUR/GBP has been in a downward move since September 11. Today, the uptrend is facing resistance at the high of level 0.9070. A downward movement of prices is likely. With the retest at level 0.9070, the current support at level 0.8950 is likely to be broken.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping horizontally indicating the previous trend. The pair is at level 46 of the Relative Strength Index period 14. The pound is below the centerline 50 and it is in the downtrend zone.

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP pair is in a downtrend. On November 5 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. This explains that the market will fall and reach level 2.0 Fibonacci exte4nsion. That is level 0.8944.

EUR/CHF – 45 Min Chart

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. It indicates the downtrend. The pair is below the 40% range of the daily stochastic. The Pound is in a bearish momentum. The selling pressure is likely to end at level 0.8944.



General Outlook for EUR/GBP
The EUR/GBP pair is currently falling in a downward move. The pair is likely to rise as the price fell close to the oversold region of the 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.