The EURGBP currency pair on the 4-hour timeframe has been following a downtrend since 14 February. The price registered 7-month low at 0.85288 on 27 February. The EURGBP made a comeback and registered the high of 0.86233 on 1 March. As of writing, price is hovering around 0.8600, trying to make another lower top. Recent bullish move in the currency pair seems weak as bulls failed to break the first resistance level of 0.86233 (the high of 1 March).
The 4-hour chart of the EURGBP confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms; hence downtrend. The lowest value of the period under study was recorded on 27 February when price registered the low of 0.85288. The highest value of the period under study was registered on 14 February when price reached 0.88397. Bears are still in control of the market as the price failed to break the resistance level of 0.86233.
By applying Oscillators analysis, two indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EURGBP currency pair. Momentum Oscillator is above the base-line due to recent bullish attempt but the overall outlook for the EURGBP still remains bearish due to strong Pound Sterling.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
The 4-hour chart of the EURGBP confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms; hence downtrend. The lowest value of the period under study was recorded on 27 February when price registered the low of 0.85288. The highest value of the period under study was registered on 14 February when price reached 0.88397. Bears are still in control of the market as the price failed to break the resistance level of 0.86233.
By applying Oscillators analysis, two indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EURGBP currency pair. Momentum Oscillator is above the base-line due to recent bullish attempt but the overall outlook for the EURGBP still remains bearish due to strong Pound Sterling.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.