EUR/GBP Is Facing Rejection at Level 0.8990, a Downward Move is Likely

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 pound is still making lower highs and lower lows. Presently, it is falling after rejection at level 0.8990. Since November 9, buyers have not been able to push above level 0.8990. Therefore the pound is likely to fall.

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping downward indicating the downtrend. The pair is at level 49 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 on a downward move. The pair is falling after facing rejection at level 0.8990. On November 23 downtrend; the retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the pound is likely to fall to level 2.0 Fibonacci extensions. That is the low of level 0.8766.

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping sideways. The pair is below 75% range of the daily stochastic. It indicates that the Pound is in a bearish momentum. The pair is on a downward move.


General Outlook for EUR/GBP
The overall trend of the EUR/GBP pair is bearish. Presently, the pound is falling. According to the Fibonacci tool analysis, the pound will fall and reach level 0.8766.


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