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

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.

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 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.

EUR/GBP – 4 Hour Chart

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.


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 result

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.