EUR/GBP 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/GBP has been highly volatile since the beginning of the pattern. Just recently the pair rocketed to the upper boundary on the back of stronger CPI data from Europe, while at the moment of writing, the pair was trading below the 200-hour SMA. Moreover, the outlook for the pair is bearish, as majority of technical indicators are sending ‘sell' signals. Additionally, market sentiment is 53% bearish. Taking into account the outlook is bearish, short traders should focus on a recent low and a daily S1 around 0.8226, while key support is located 45 pips below this level, represented by a weekly S1 and pattern's support. However, a move above 200-hour SMA will put 0.8245 on the map.
© Dukascopy Bank SA
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