EUR/GBP Resumes Uptrend, Targets Level 0.94000

EUR/GBP Resumes Uptrend, Targets Level 0.94000

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 an uptrend as the market reached a high of level 0.94000. At the peak price of 0.94000, the market reached the overbought region. Sellers emerged to push prices downward. The market fell to level 0.86709 and resumed upward. The recent upward move is facing resistance at level 0.90000. The market is currently retracing and may find support at level 0.890000.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 60 of the Relative Strength index period 14. This implies that the pair is in the uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping upward.

EUR/GBP Medium-term Trend: Bullish
On the 4-hour chart, the EUR/GBP pair is in a horizontal channel. Price was in a sideways trend before its eventual bullish move. The bulls broke the upper price range to reach the high of level 0.88500. After a sideways move below the resistance at 0.88500, the bulls broke the resistance and reach the high of 0.89500. The market is retracing to the low of level 0.89000.

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 80% range of the daily stochastic. The market is said to be in the overbought region. Sellers are likely to emerge as the stochastic is making U-turn and pointing below.

General Outlook for EUR/GBP
The EUR/GBP pair is said to be overbought in the lower time frame. In other words, we may see the emergence of sellers in the overbought region.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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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.