EUR/GBP Retests Level 0.9014 to Resume Upward Move, Targets Levels 0.9191

EUR/GBP Retests Level 0.9014 to Resume Upward Move, Targets Levels 0.9191

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
EUR/GBP has been in an upward move since November 6. The pair faces rejection at level 0.9050. Today, the pound has resumed an upward move. If the price breaks level 0.9050, it will accelerate price movement.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping downward indicating the previous trend. The pair is at level 47 of the Relative Strength Index period 14. The pound is below the centerline 50 and it is in the downtrend zone.

EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the EUR/GBP pair is making an upward move. On November 5 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This explains that the market will rise and reach a level of 2.0 Fibonacci exte4nsion. That is level 0.9191.

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 trend. The pair is above the 40% range of the daily stochastic. The Pound is in a bullish momentum.


General Outlook for EUR/GBP
The EUR/GBP pair is currently in an upward move. The pair is likely to rise as the price fell to level 0.9014. According to the Fibonacci tool, the market will reach level 2.0 Fibonacci extension or a high of 0.9191.


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 results

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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.