Annual Forecast for EUR/GBP (2021): EUR/GBP Depends on Major Outcomes in 2020 Events

Annual Forecast for EUR/GBP (2021): EUR/GBP Depends on Major Outcomes in 2020 Events

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

In 2020, EUR/GBP is in a sideways trend. In January, it has an opening balance of level 0.8469. In the first quarter, the pair was trading marginally but in March, there was a price spike that reached the high of level 0.9500. This vertical rally suddenly pulled back to normalcy. In subsequent months, the candlesticks were consolidating one upon the other. The Pound has been trading in a sideways trend below level 0.91000.

EUR/GBP – Monthly Chart

EUR/GBP Price Prediction: Monthly Chart
In 2020, the 21-day SMA and the 50-day SMA are horizontally flat indicating that the pair is in a sideways move. The price action is characterized by small body candlesticks called Doji or Spinning tops. The candlesticks describe the indecision between buyers and sellers about the direction of the market.

EUR/GBP – Weekly Chart

EUR/GBP Price Prediction: Weekly Chart
The pound is trading in a confined range. The market price has not gone above level 0.9200. The lower price range has not gone below level 0.8800. The pair has been trading within the rage all through the year. In 2021, the price range in the first quarter will be close to this range.

Conclusion
As of today, the EUR/GBP is trading at 0.8995 at the time of writing. For the past year, the pair has been stagnating between level 0.8800 and 0.9200. Besides, the pair has a declining tendency so believe the 2021 forecast will be similar given the same time frame.


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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.