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 in a downward move. Today, the price rallied to 0.9150 and declined sharply. There is the appearance of a long wick on on the candlestick. This long wick indicates there is strong selling pressure at a higher price level.
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 0.8944.
4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. The pair is below the 80% 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 0.9150. According to the Fibonacci tool analysis, the pound will fall and reach level 0.8944.
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