EUR/GBP Rebounds, Upward Move Likely

EUR/GBP Rebounds, Upward Move Likely

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 pound has been falling for the past three days. It fell to level 0.89800 and pulled back. The current support is having strong buying pressure. It appears the selling pressure has been exhausted.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is at level 49 of the Relative Strength Index period 14. The pound is below the centerline 50. It appears that there is a balance between supply and demand.

EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the EUR/GBP pair is on an upward move. Following its rejection at level 0.9200, the pair has fallen to level 0.9000. The Pound has fallen to the oversold region. The price action is showing bullish signals which indicate the likelihood of buyers’ emergence.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping upward. The pair is below the 20% range of the daily stochastic. It indicates that the Pound is in a bearish momentum.

General Outlook for EUR/GBP
The Pound has fallen to the oversold region of the market. Bullish signals are indicating the likelihood of an upward movement of the pound. The current support has been holding for the past two days. The market will move up if the support holds.



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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.