EUR/GBP Is Falling in a Lower Highs and Lower Lows Pattern, May Likely Reach Level 0.8839

EUR/GBP Is Falling in a Lower Highs and Lower Lows Pattern, May Likely Reach Level 0.8839

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 in a downward move after rejection from level 0.9300. The pair fell to level 0.9100 and resumed downward after retesting level 0.9200. The pound has fallen to level 0.9052 and a further downward movement is expected.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMA are sloping horizontally indicating the previous trend. The pair is at level 46 of the Relative Strength Index period 14. It is in the downtrend zone and below the centerline 50. This indicates that the pair is capable of falling.

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP pair is in a downward move. The price was making a series of lower highs and lower lows. On October 13, downtrend; a retraced candle body tested the 38.2% Fibonacci level. The pound will fall to level 2.618 Fibonacci extension level. That is to level 0.8839.

EUR/GBP -4 Hour Chart

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. It indicates the previous downtrend. The pair is above the 20% range of the daily stochastic. The Pound is in a bullish momentum. EUR/GBP is likely to rise as buyers will emerge in the oversold region.

General Outlook for EUR/GBP
The EUR/GBP pair is currently on a downward move. The pair is in a downtrend. It is unclear when the downtrend will subside. The pair is falling and may reach level 0.8839.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.