EUR/GBP Is Consolidating Above 0.8800, a Reversal Likely at Level 0.8821

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RESULTS

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
Since January 7, EUR/GBP has been falling and it has reached the low of level 0.8851. On January 14, downtrend, a retraced candle body tested the 88.6% Fibonacci retracement level. The retracement indicates that the pair will fall to level 1.1129 Fibonacci extension. The price action has tested the Fibonacci level and making a pullback.

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping horizontally. The pair has fallen to level 35 of the Relative Strength Index period 14. The pound is below the centerline 50. The price is also approaching the oversold region.

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP has continued to fall. On January 14 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The price retracement indicates that the pair will fall and reverse at level 1.272 Fibonacci extensions or level 0.8821. From the price action, the market is consolidating for a possible reversal.

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. The pair is below the 30% range of the daily stochastic. The pair is now in a bearish momentum. The pound is reaching bearish exhaustion.

General Outlook for EUR/GBP
The pound appears to be reaching bearish exhaustion. The pair is consolidating above level 0.8800 for a possible reversal. The Fibonacci tool has indicated a possible reversal at level 1.272 or 0.8821 low.


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