EUR/GBPReaches Oversold Region at Level 0.9000, May Resume Uptrend

EUR/GBPReaches Oversold Region at Level 0.9000, May Resume Uptrend

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 was earlier in a downward move as the pair fell to level 0.89940. Presently, the market is facing resistance at level 0.92000. The previous uptrend was resisted as the pair resumes a fresh uptrend. The price is rising and it is expected to reach the resistance zone.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 54 of the Relative Strength index period 14. This implies that the market is in the uptrend zone and above 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 is rising after falling to the low of 0.90000. On the upside, if price breaks above the trend line and closes above it, the market will continue its upward move.
The pair is expected to reach level 0.91500.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMA are sloping upward indicating the uptrend. The pair is above 60% range of the daily stochastic. It indicates that the market is in a bullish momentum. Presently, the EUR/GBP pair is approaching the trend line. A break above the trend line will accelerate the price movement.

General Outlook for EUR/GBP
The EUR/GBP pair has resumed an upward move after falling to the low of level 0.90000. The upward move is inevitable as the pair fell to the oversold region of the market. Buyers have resumed pushing the market upward.

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