EUR/GBP Long-Term Analysis: Bullish
The Pound was earlier in a brief uptrend as it reached the high of level 0.8700. Since April, the bulls have been resting the resistance level at 0.8700 to break it. Consequently, the EUR/GBP pair is falling on the downside. The pair is likely to retest the previous low at level 0.8500. The downtrend will resume if the price breaks below current support at level 0.8500.
EUR/GBP Indicator Analysis
The Pound has fallen to level 40 of the Relative Strength Index period 14. It indicates that the Pound is in the downtrend zone below the centerline 50. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.
Technical indicators:
Major Resistance Levels – 0.9200, 0.9300, 0.9400
Major Support Levels – 0.8500, 0.8400, 0.8300
What Is the Next Direction for EUR/GBP)?
The Pound is facing rejection at level 0.8700 for over a month which resulted in its downward move. The pair is falling on the downside to retest level 08500. The selling pressure will continue if the bears break below level 0.8500.
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