EUR/GBP 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
We continue to observe formation of the major pattern by EUR/GBP on the four-hour chart, namely of the bearish channel, which was started back in August and is already almost 360 bars long. Concerning the most recent events, it appears that the currency pair took a U-turn before reaching the major support area represented by the falling support line at 0.8288. The price bounced off the weekly S1 level at 0.8317 and is currently headed north, towards the local peak at 0.8412, although on the whole the technical indicators are giving ‘sell' signals at the moment. At the same time SWFX traders seem to be undecided—47% are long and 53% are short.
© Dukascopy Bank SA
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