EUR/GBP Is Falling After Rejection From Level 0.9084

3 December 2020 | Updated: 3 December 2020

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 falling and on a downward move. Presently, it is falling after rejection at level 0.8990. The price is breaking the 50-day SMA. A break below the SMAs will facilitate the downward move.

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 53 of the Relative Strength Index period 14. The pound is above the centerline 50 and it is in the uptrend zone.

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP pair is on a downward move. On December 3 downtrend; the retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the pound is likely to fall to level 1,618 Fibonacci extensions. That is the low of level 0.89872.

EUR/GBP – 15 Mins Chart

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. The pair is below the 40% 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 after rejection at level 0.9084. According to the Fibonacci tool analysis, the pound will fall and reach level 0.89872.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.