EUR/GBP Continues Uptrend, May Reach Level 0.9547

EUR/GBP Continues Uptrend, May Reach Level 0.9547

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 making an upward move. A red candle body tested the 61.8% Fibonacci retracement level. It indicates that EUR/GBP will rise and reach the 1.618 Fibonacci extension level. That is, the pair will reach level 0.9547.

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 57 of the Relative Strength Index period 14. The pair is in the uptrend zone and above the centerline 50.

EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the EUR/GBP pair is in an uptrend. The price reached a high of level 0.9300 but was resisted. The market fell and reached a low of 0.9100 and resumed a fresh uptrend. The market is likely to revisit the high of level 0.9300.

EUR/GBP -4 Hour Chart

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 25% range of the daily stochastic. The pair is out of the oversold region of the market. . EUR/GBP is now in a bullish momentum.

General Outlook for EUR/GBP
The EUR/GBP pair is an uptrend. The market will continue the upward move. According to the Fibonacci tool, the pair is going to rise and reach level 2.618 Fibonacci extension level.


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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.