EUR/GBP 4H Chart: Channel Down

Source: Duksacopy Bank SA
© Dukascopy Bank SA
The EUR/GBP currency pair has been moving in boundaries of a channel down pattern since the middle of December. Despite a recent bullish movement and an attempt to break the upper trend line, the outlook is still bearish. Market sentiment is not clearly marked, as the number of short and long positions in almost equal. Technical indicators, however, are suggesting the pair will depreciate, and according to MACD and RSI on the 4H chart, the latest rally to the north is losing steam. Moreover, trading volumes are decreasing, therefore, the pair is expected to hear towards a weekly support at 0.8211, while the key level is located at a recent low at 0.8167.
© Dukascopy Bank SA
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