EUR/GBP 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After fluctuating between 0.88 and 0.84 most of 2013, the currency pair broke out of this trading range to the downside in September. Since then EUR/GBP has been distinctly bearish are there are still no signs of a reversal—the upper boundary of the channel, namely the 15-month down-trend (drawn through Aug 1 and Mar 18 peaks), remains intact. However, in the context of several weeks we may observe a rally—the Euro has just confirmed the support at 0.7750 (down-trend and 2012 low). The bullish correction should extend some 200 pips more and end at 0.8070. There we will expect the price to make a U-turn and resume the overall decline.
© Dukascopy Bank SA
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