EUR/GBP Is Rising and May Reach the High of 0.9075

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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
Since on June 29, EUR/GBP has been fluctuating between levels of 0.89500 and $0.9150. These range-bound levels have not been broken in the last three months. Today, price is rising to retest the resistance level.

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping horizontally indicating the sideways trend. The pair is at level 48 of the Relative Strength Index period 14. This implies that the market is in the downtrend zone and below the centerline 50.

EUR/GBP Medium-term Trend: Ranging
On the 4-hour chart, the EUR/GBP pair is rising in a sideways move. In the August 17 uptrend, the pair was resisted at level 0.9060. The retraced candle body tested the 78.6 % Fibonacci retracement level. This implies that the market will rise and reach the 1.272 Fibonacci extension level. In other words, the price will reach level 0.9075.

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping horizontally. It indicates the present sideways move. The pair is above 50% range of the daily stochastic. It indicates that the market is in a bullish momentum.


General Outlook for EUR/GBP
The EUR/GBP pair is in a range bound move but the pair is rising. The pair is rising and approaching the resistance line. According to the Fibonacci tool, the market will rise and reach level 0.9075.



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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