EUR/GBP Reaches Oversold Region at Level 0.90100, 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 in an uptrend. The pair reached the overbought region as sellers emerge to push prices down. The retracement is done as the pair resumes an upward move. The overhead resistance has not been breached since March. The first attempt at the resistance was on June 29.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day SMA and 21-day SMA are sloping upward. It indicates that the pair is in an uptrend. The market has fallen to level 53 of the Relative Strength index period 14. It implies that the market is in the uptrend zone and above the centerline 50. Sellers have emerged to push prices down.

EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the pair was earlier in an uptrend. The price has fallen to level 0.90230. At the recent low, the market is consolidating above it. The price is already in the oversold region suggesting buyers to emerge.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward. It indicates that the market is in a downward move. The pair is below 20% range of the daily stochastic. It implies that the market is now in an oversold region of the market. EUR/GBP will soon make an upward move.

General Outlook for EUR/GBP
The EUR/GBP pair has fallen to the oversold region. That is selling pressure is likely to have been exhausted. The price is currently consolidation above the current support.

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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.