EUR/GBP Fluctuates between Levels 0.9100 and 0.9200, May Resume uptrend

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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 EUR/GBP pair is attempting to resume an upward move. The pair is facing rejection at level 0.9200. A red retraced candle body tested the 61.8% Fibonacci retracement level. The pair will rise and reach the 1.618 extension level. That is the market will reach a low of level 0.9557.

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is at level 59 of the Relative Strength Index period 14. This indicates that price is in the uptrend zone and above the centerline 50.

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP pair is in a downward move. The bulls are facing rejection at level 0.9150 and 0.9200. The pair is approaching the recent high to break above it.

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. The pair is below 80% range of the daily stochastic. Sellers are likely to emerge to push prices down. It is in the overbought region of the market.EUR/GBP is in a bearish momentum.

General Outlook for EUR/GBP
The EUR/GBP pair is now in an upward move. The bulls have earlier attempted to push into the previous highs but face rejection. According to the Fibonacci tool, the pair will rise and reach the high of either 0.9557.

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