EUR/GBP 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has been losing ground versus the Sterling since March 18. Last week's ECB's meeting added to pair's volatility and the pair penetrated the upper trend line. However, later, the pair plunged to this year's low at 0.8064. According to aggregate technical indicators, the pair will stabilize around the current level (0.8072) for some time, as indicators on a 4H and daily charts are neutral. However, indicators on a longer weekly chart are suggesting after a pause the will head to the south with a fresh impulse. A move below recent low and daily S2 at 0.8065 will clear the way for daily S3 and then towards pattern's support at 0.8031.
© Dukascopy Bank SA
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Tue, 10 Jun 2014 11:54:04 GMT

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