EUR/GBP Is in a Sideways Move but Resumes Uptrend

EUR/GBP Is in a Sideways Move but Resumes Uptrend

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 now in an uptrend. A red candle body tested the 61.8% Fibonacci retracement level. The Pound will rise and reach the high of level 1.618 Fibonacci extension level. That is the high of 0.9558.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping horizontally indicating the previous trend. The pair is at level 51 of the Relative Strength Index period 14. It is in the uptrend zone and below the centerline 50. This indicates that there is a balance between supply and demand.

EUR/GBP Medium-term Trend: Ranging
On the 4-hour chart, the EUR/GBP pair is in a sideways move. It is currently fluctuating between level 0.9060 and 0.9150. The market is moving upward.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping horizontally. It indicates the present sideways trend. The pair is above the 25% range of the daily stochastic. It is above the oversold region of the market. EUR/GBP is now in bullish momentum.

General Outlook for EUR/GBP
The EUR/GBP pair is on an upward move after rejection at level 0.9200. According to the Fibonacci tool, the pair will rise and reach a level 1.618 Fibonacci extension level. That is, it will reach a low of 0.9558.


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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.