EUR/GBP May Resume Upward Move, Targets Level 0.9545

EUR/GBP May Resume Upward Move, Targets Level 0.9545

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 still trading in an uptrend. The pair has been on a downward move after the rejection at the 0.9200 price level. On September 10 uptrend; a retraced 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 level 0.9545.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMA are sloping horizontally indicating the previous trend. The pair is at level 47 of the Relative Strength Index period 14. It is in the downtrend zone and below the centerline 50. This indicates that the pair is capable of falling.

EUR/GBP Medium-term Trend: Ranging
On the 4-hour chart, the EUR/GBP pair is in a sideways move. The current price fluctuations are between levels of 0.9040 and 0.9140. The pound is likely to rise as it is in the oversold region of the market.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. It indicates the previous downtrend. The pair is below the 20% range of the daily stochastic. The Pound is in a bearish momentum. EUR/GBP is likely to rise as buyers will emerge in the oversold region.

General Outlook for EUR/GBP
The EUR/GBP pair is currently on a downward move. It will soon resume an upward move as it is in the oversold region of the market. According to the Fibonacci tool, the pair will rise and reach 1.618 Fibonacci extension level. That is level 0.9545.


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing result

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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.