EUR/GBP 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a successful bounce from the lower boundary of the bearish channel, the single European currency started gaining strong value versus the British pound. It is worth pointing out that there no considerable resistance levels ahead, meaning that the cross is supposed to reach the upper trend-line with relative ease. This level at 0.7861, however, is reinforced by weekly pivot point, which is strong enough to hold the pair's bulls from going further to the north. While indicators on four-hour, daily and weekly charts and different, market sentiment is swinging to the bearish side. At the moment 53.6% of all opened positions are held by bears, while bulls have 46.4% of them.
© Dukascopy Bank SA
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