EUR/GBP Rebounds but Faces Rejection at Level 0.8990

EUR/GBP Rebounds but Faces Rejection at Level 0.8990

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 rebounds above level 0.8900. The pound is rising as it approaches level 0.9000. The pair is likely to face resistance at level 0.9000. A break above levels 0.9000 and $0.9050 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 45 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 breaks the resistance level and rebounds. On November 10 uptrend; a retraced candle body tested the 38.2 % Fibonacci retracement level. This implies that the pounds will rise to level 2.618 Fibonacci extensions. That is the pound will reach level 0.9024.

EUR/GBP – 4 Hour Chart

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


General Outlook for EUR/GBP
The EUR/GBP pair is currently in an upward move. The uptrend is facing resistance at level 0.89900. Since November 11, the pair has been trading in the overbought region. Sellers are likely to push prices down.



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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.