EUR/GBP Looks Ready to Move after Months of Sideways Move

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 EUR/GBP pair is on a downward move. The pair rebounds above level 0.8850. It is making an upward move to the recent high. The selling pressure has been exhausted as prices move up.

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping downward indicating the downtrend. The pair is at level 42 of the Relative Strength Index period 14. The market is rising to previous highs.

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP pair is falling as price reaches the low of 0.88200. The pair is rising after testing the support line of the descending channel.

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. It indicates the present downward move. The pair is below the 20% range of the daily stochastic. It is in the oversold region. The selling pressure is likely to continue

General Outlook for EUR/GBP
The EUR/GBP pair is likely to rise after the recent downward move. The previous highs are likely to be tested. The pair is not out of the sideways move. Prices are moving upward.


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