Key Support Levels: 0.8800, 0.8600, 0.8400
EUR/GBP Price Long-term Trend: Bearish
The EUR/GBP pair is in a bear market. At the low of 0.83012, the pair rebounded and reached the high of 0.94374. At the current high, the market reached the overbought region. Sellers emerged to push prices downward. The market fell to a low of 0.87128 and resumed consolidation. An upward move is expected.
Daily Chart Indicators Reading:
The pair is currently at level 43 of the Relative Strength index period. This implies that the pair is in the downtrend zone and below the centerline 50. EUR/GBP is likely to rise if the current support holds.
EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, EURGBP is in a bear market. The Fibonacci tool is used to determine the extent of bear market. A bull candle body is testing the 0.382 retracement level. This determines the extent of the downward move. According to Fibonacci tool, the first reversal will be at 1.618 extension level. Alternatively, the market will reverse at 2.618 extension level, if the downtrend continues. A buy order is necessary as the bearish trend has been exhausted.
4-hour Chart Indicators Reading
The pair is presently above 50% range of the daily stochastic indicating that the market is in a bullish momentum. The 50-day and 21-day SMA are sloping downward indicating the bear market.
General Outlook for EUR/GBP
The bear market of EUR/GBP has exhausted selling pressure. The price action and the indicators are showing bullish signals. Certainly, an upward move is expected.
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