EUR/GBP Rebounds, Poise to Retest Level 0.9150

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

Key Resistance Levels: 0.9200, 0.9400, 0.9600
Key Support Levels: 0.8800, 0.8600, 0.8400

EUR/GBP Price Long-term Trend: Bullish
The EUR/GBP pair is on an upward move since September 3. It was after the coin has fallen to a low of 0.8874. A red candle body tested the 61.8% Fibonacci retracement level. The pair is rising and will reach 1.618 Fibonacci extension level. That is, the pair will reach a high of 0.9150.

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is at level 50 of the Relative Strength Index period 14. This indicates that there is equilibrium in the supply and demand of the market.

EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the EUR/GBP pair is in a descending channel. The market is approaching the resistance line of the ascending channel. The market will resume uptrend if price breaks and closes above the resistance.

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping upward. It indicates the present uptrend. The pair is above the 80% range of the daily stochastic. It is in the overbought region of the market. The pair is now in a strong bullish momentum.

General Outlook for EUR/GBP
The EUR/GBP pair is now in an upward move. On the August 17 uptrend, the retraced candle body tested the 61.8% Fibonacci retracement level. The market is likely to reach a high of 0.9150.

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