EUR/GBP Reaches Bearish Exhaustion at Level 0.8950, Uptrend Likely


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 presently rising after retesting level 0.8950. The uptrend has continued as price reached the high of level 0.8967.  According to Fibonacci tool, the current trend will rise and reach the high of level 0.8988.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 45 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 upward. It indicates the present upward move.

EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the EUR/GBP pair has been on a downward move. The price is currently consolidating above level 0.8950. A correction candle body tested the 0.786 Fibonacci retracement level. It indicates that price will fall and reach level 1.272 Fibonacci extension level. The price action has already tested the Fibonacci level. In other words, the selling pressure has been exhausted. A move to the upside is likely.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping downward indicating the downtrend. The pair is below 20% range of the daily stochastic. It indicates that the market is in the oversold region. In the oversold region, buyers are likely to emerge to push prices upward.

General Outlook for EUR/GBP
The EUR/GBP pair has fallen and reached level 0.8950. According to the Fibonacci tool, the market will fall to level 1.272 or level 0.8950. Thereafter, the price will reverse. However, the reversal will not be immediate.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.