EUR/GBP 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The fact that the Euro has managed to cross the simple moving average lines on 55-hour and 100-hour time frames is definitely going to support the bullish short-term scenario. However, as soon as the EUR/GBP pair tries to tackle the area between 0.7819 and 0.7831, the probability of a new wave of sell-off is going to increase dramatically. The 200-hour SMA offers supply at the lower bound of this zone, as it boosts the pattern's resistance together with the daily R2. A new leg down is now expected by the majority of daily technical indicators, while within the channel it will have the scope to prolong as low as 0.7670. As for the SWFX current sentiment, it remains minimally bullish (52%).
© Dukascopy Bank SA
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