EUR/GBP Is in an Uptrend, Reaches Resistance at Level 0.9050

4 January 2021 | Updated: 4 January 2021

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 in a sideways move since December. Today, the Pound is moving upward after falling to the low of level 0.8942. It is unclear whether the upward move will continue as the price continues to fluctuate.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping horizontally. The pair is at level 49 of the Relative Strength Index period 14. The pound is below the centerline 50. It also indicates 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. On January 4 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the pound will rise to level 1.618 Fibonacci extension level. That is the low of 0.90234. The price has already been tested and reached that level.

EUR/GBP – 30 Min Chart

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

General Outlook for EUR/GBP
The Pound has been fluctuating since December. Today, the market is moving upward. The pound has reached the target price of level 0.90234. There are chances of a further upward move.

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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.