EUR/GBP 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/GBP surpassed its 200-hour SMA on August 22 and managed to remain above this important level that now acts a support zone. The pair mostly followed an upward trend, moving in a relatively narrow corridor for the last three trading days. After touching the pattern's resistance on Friday, the pair slightly retreated and consolidated at the level of 0.8540.
As concerns future movements of the currency couple, market players expect the pair to rally, as more than 63% of traders hold long positions in the pair. In case traders' expectations do materialize, the pair is likely to jump to 0.8600 (daily R1-PP) and, if overcome, soar to the next resistance zone at 0.8631 (daily R1-R2).
© Dukascopy Bank SA
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