EUR/GBP Faces Rejection at Level 0.9200, May Resume Downtrend

24 September 2020 | Updated: 24 September 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 EUR/GBP pair is making a downward move. The pair is currently facing rejection at level 0.92000. A green candle body tested the 50% Fibonacci retracement level. The pair will fall and reach the 2.0 Fibonacci retracement level. That is the low of level 0.8870.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is at level 56 of the Relative Strength Index period 14. It is in the uptrend zone and above the centerline 50. Also, it is currently falling.

EUR/GBP Medium-term Trend: Ranging
On the 4-hour chart, the EUR/GBP pair is in a range bound move. The price is currently fluctuating between level 0.9100 and 0.9200. The pair may resume a downtrend if the price breaks the support line. In the meantime, EUR/GBP is fluctuating in a confined range.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping horizontally. It indicates the present sideways trend. The pair is below the 25% range of the daily stochastic. The pair is approaching the oversold region. EUR/GBP is now in bearish momentum.

General Outlook for EUR/GBP
The EUR/GBP pair is facing rejection at level 0.9200. The pair is likely to resume the downtrend. According to the Fibonacci tool, the pair will fall and reach a level 2.0 Fibonacci extension level. That is, it will reach a low of 0.8870.

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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.