EUR/GBP Fluctuates Between Levels 0.9000 and 0.9030

EUR/GBP Fluctuates Between Levels 0.9000 and 0.9030

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
The pound has been in a sideways move since December. Today, the Pound is rising as it fell to level 0.8993. The price action is also choppy. The pound is not trending and the direction is not discernible.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping horizontally. The pair is at level 49 of the Relative Strength Index period 14. The pound is below the centerline 50. It also indicates that there is a balance between supply and demand.

EUR/GBP Medium-term Trend: Ranging
On the 4-hour chart, the EUR/GBP pair is gradually making an upward move. The pound is facing resistance at level 0.90300. Since that level was broken by sellers, buyers have not been able to push above level 0.90300. The upward movement will continue if the resistance is broken, otherwise, a downward movement will prevail.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping horizontally. The pair is above the 25% range of the daily stochastic. The pair is in a bullish momentum.


General Outlook for EUR/GBP
The Pound has not been trending since December 2020. Since January 8, the market has been moving up gradually. The pound is trading marginally.


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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.