EUR/GBP Is in a Downtrend, May Reach Level 0.9013

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 on a downward move. The pair is currently falling. On September 16 downtrend; a retraced green candle body tested the 50% Fibonacci retracement level. The Pound will fall and reach the low of level 2.0 Fibonacci extension level. That is level 0.8888.

Daily Chart Indicators Reading:
The 50-day and 21-day SMA are sloping horizontally indicating the previous trend. The pair is at level 48 of the Relative Strength Index period 14. It is in the downtrend zone and below the centerline 50. This indicates that there is a balance between supply and demand.

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP pair is in a sideways move. On October 8 downtrend; a retraced green candle body tested the 61.8% Fibonacci retracement level. It indicates that the pair will fall and reach the 1.618 Fibonacci extension level. That is level 0.9013.

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downwardly. It indicates the previous downtrend. The pair is below the 40% range of the daily stochastic. The pair is in a bearish momentum. EUR/GBP is on a downward move.

General Outlook for EUR/GBP
The EUR/GBP pair is currently on a downward move. According to the Fibonacci tool, the pair will fall and reach 1.618 Fibonacci extension level. That is, it will reach a low of 0.9013.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results