EUR/GBP has been under heavy selling pressure for more than 10 months started in August 2013 when the pair reached a one-year high of 0.8771. In mid-March, the pair's bearish tendency became more distinct thus helping the instrument to shape a 167-bar long downward-sloping tunnel.
The recent stab to the corridor's lower boundary marked a drop to almost a two-year low of 0.7959. Considering the SWFX numbers – over 65% of positions are short – the pair is likely to lose the impetus it got after a decline to the record-low hence we may expect EUR/GBP to preserve its bearish trend in the hours to come.
Source: Dukascopy Bank SA
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