EUR/GBP 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Right now EUR/GBP is trading within the boundaries of the bullish channel, as the pair was unable to push through the demand area at 0.74 on Jan 25. However, a similar pattern emerged during the Jan 15-22 period, and subsequently there was a break-out to the down-side, suggesting this is also but an upward correction, and the bearish risks are increased. In any case, the near-term outlook is strongly negative, being that the Euro has just confirmed the resistance at 0.7540, and the currency is now headed towards the lower trend-line at 0.7451. The SWFX sentiment is slightly bearish—54% of open positions are short.
© Dukascopy Bank SA
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