EUR/GBP 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a drop to a one-year low of 0.8158 in mid-February, the Euro reversed its trend against the British Pound. During the next two weeks, the advance was mild; however, first days of spring gave the pair an impetus for a sharper appreciation that took place in the 181-bar long channel up pattern.
Now the pair is on the verge of a massive sell-off as only the 50-hour SMA is preventing the pair from continuing its slump after it broke out of the bullish tunnel. However, this support line is not likely to contain the decline for a long time as market sentiment shows that about 53% of traders are bearish, while 47%-are bullish on the pair.
© Dukascopy Bank SA
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