EUR/GBP Continues Upward Move, May Reach the High of Level 0.9326

EUR/GBP Continues Upward Move, May Reach the High of Level 0.9326

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 is in a strong uptrend. It has broken the previous resistance levels and it is approaching the high of level 0.9150. On December 15, a retraced candle body tested the 50% Fibonacci retracement level. It indicates that the market will rise to 2.0 Fibonacci extensions. That is the high of 0.9569.

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 62 of the Relative Strength Index period 14. The pound is above the centerline 50 and it is in the uptrend zone.

EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the EUR/GBP pair is on an upward move. On December 21 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the pound will rise to a level of 1.618 Fibonacci extension level. That is the high of 0.9326.

EUR/GBP – 4 Hour Chart

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

General Outlook for EUR/GBP
The Pound has been rising for the past 48 hours. The uptrend is likely to continue to level 0.9200 but faces rejection. Meanwhile, the Fibonacci tool is indicating that the pound will reach a high of 0.9326.


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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.