EUR/GBP Approaches Oversold Region, May Retest Level 0.8950

EUR/GBP Approaches Oversold Region, May Retest Level 0.8950

Key Resistance Levels: 0.9200, 0.9400, 0.9600
Key Support Levels: 0.8800, 0.8600, 0.8400

EUR/GBP Price Long-term Trend: Ranging

EUR/GBP pair is in a sideways move. It is fluctuating between levels 0.8950 and 0.9100. The price is fluctuating in the middle of the price range. The pair is on a downward move to the lower price range.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping horizontally indicating the sideways trend. The pair is above 50% range of the daily stochastic. It indicates that the market is in a bullish momentum.

EUR/GBP Medium-term Trend: Ranging
On the 4-hour chart, the EUR/GBP pair is in a sideways move. The price is falling and approaching the low of level 0.89700. The price will move up as soon as prices test the lower range.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is at level 33 of the Relative Strength Index period 14. This implies that the market is in the downtrend zone and below the centerline 50. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates the present sideways move.

General Outlook for EUR/GBP
The EUR/GBP pair is in a range bound move but it is falling. The market will break out of range, if continues the downward move. The range-bound move will continue if the current support holds.


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