© Dukascopy Bank SA
Single currency is losing ground against the British Pound since September 22 when a channel down was formed. The pound has been moving in a strong uptrend during the last several weeks, and even though many analysts see a short retracement in the nearest future, aggregate technical indicators on hourly and 4H charts are suggesting EUR/GBP will continue moving to the south in the short and medium term perspectives. In case bearish trend persists the pair will face a bunch of daily and weekly support between 0.8274 and 0.8333, hence a short period of consolidation can be expected. Moreover, 60% of positions are currently long.
© Dukascopy Bank SA