EUR/GBP Long-Term Analysis: Bullish
EUR/GBP pair is an uptrend. The Pound is attempting to resume upward after retracing to 0.8600 support. The current uptrend is facing rejection at the recent high. A Fibonacci tool has indicated an upward movement of price. On April 14 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement indicates that the pair will rise to level 1.618 Fibonacci extension or level 0.8851.
EUR/GBP Indicator Analysis
The market is at level 58 of the Relative Strength Index period 14. It indicates that the Pound is in the uptrend zone above the centerline. The Pound is capable of rising on the upside. The 21-day and 50-day SMAs are sloping downward but are making a U-turn.
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 attempting to resume upward if the current support at level 0.8500 holds. However, if the price retraces and breaks below $0.8500 support, the downtrend will resume. The Fibonacci tool has indicated a possible move to level 0.8850.
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