EUR/GBP Is in a Downtrend, Faces Rejection at Level 0.9100

Azeez Mustapha
31 December 2020 | Updated: 31 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 presently falling in a downward move. The pair was earlier making a correction when it was rejected at level 0.91000. The downtrend will reach the previous low at level 0.8880.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping horizontally. The pair is at level 43 of the Relative Strength Index period 14. The pound is below the centerline 50 and it is in the downtrend zone.

EUR/GBP – 4 Hour Chart

EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the EUR/GBP pair is on a downward move. On December 31 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that the pound will fall to a level 2.0 Fibonacci extension level. That is the low of 0.8906.

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. The pair is above the 50% range of the daily stochastic. It indicates that the Pound is in bearish momentum. It is also approaching the oversold region

General Outlook for EUR/GBP
The Pound has resumed a downward move. The overall trend has been a sideways move. According to the Fibonacci tool, the market will fall to level 0.8906.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 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!
Azeez Mustapha

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.