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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
Since September, the EUR/GBP pair has been falling. The price is making a series of lower highs and lower lows. Presently, the pair is making lower highs. Later the selling pressure will resume. A sell limit can be initiated.
Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping downward indicating the downtrend. The pair is at level 44 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 has retested the resistance at $0.8960 twice as it resumed downward. On November 18 downtrend; a retraced candle body tested the 50% Fibonacci retracement. This implies that the EUR/GBP is likely to fall to level 2.0 Fibonacci extensions. That is it will fall to level 0.8835.
4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping sideways. The pair is above the 70% range of the daily stochastic. It indicates that the Pound is in a bullish momentum. The pair is approaching the overbought region of the market.
General Outlook for EUR/GBP
The overall trend of the EUR/GBP pair is bearish. The downtrend will be terminated when the lower highs and lower lows pattern is interrupted. According to the Fibonacci tool analysis, the pound will fall and reach a low of 0.8835.
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