EUR/GBP 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The only main obstacle is represented by the 200-hour SMA at 0.7866, a fall below which would allow for a deeper sell-off down to the pattern's lower edge at 0.7826. Nevertheless, the overall outlook for the Euro is positive and the common currency is likely to continue trading within the bullish channel against the Sterling, as assumed by the daily technical indicators. Moreover, 71% of all positions are short, meaning there is little space left for any new bearish positions. From the green uptrend we foresee a rebound, which will lift the pair up to 0.7970 in the long run. However, a failure to kick off a recovery will mean the pair will start heading in the direction of the March 10 low at 0.7652 very soon.
© Dukascopy Bank SA
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