EUR/GBP Continues Downtrend, Targets Level 0.8883


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 is currently facing rejection at level 0.9200. A green candle body tested the 50% Fibonacci retracement level. The market will fall and reach the 2.0 Fibonacci retracement level.. That is the low of level 0.8883.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping horizontally indicating the previous trend. The pair is at level 47 of the Relative Strength Index period 14. It is in the downtrend zone and below the centerline 50.

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP pair is in a downtrend. The market is currently falling and it has reached level 0.9075. The price is hovering above level 0.9075. A break below this level will further depreciate the pair.

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. It is approaching the oversold region. EUR/GBP is now in bearish momentum.

General Outlook for EUR/GBP
The EUR/GBP pair is on a downward move after rejection at level 0.9200. 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 0.8883.

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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.