EUR/GBP Is Still on a Downward Move; a Target Low of 9014 Is Expected


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 0.9048 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 16 downtrend; a retraced candle body tested the 61.8% Fibonacci extension. It indicates that the market will fall and reach level. That is a low of 0.9014.

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 below the 20% range of the daily stochastic. The Pound is in bearish momentum. EUR/GBP is likely to fall as price is still in the oversold region.

General Outlook for EUR/GBP
The EUR/GBP pair is currently on a downward move. According to the Fibonacci tool analysis, the pair is likely fall and reach the level at 0.9014.

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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.