EUR/GBP 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/GBP started to form a channel down pattern on July 23, when the pair bounced off its two-week low of 0.8582 to rally towards almost a half-year high of 0.8770. However, the currency couple came off this mark to move to the south to its 14-week low at 0.8447, the level close to which it is trading now.
It seems that a further drop is likely as the pair is trading below its 20-and 200-bar SMAs. To confirm this view, EUR/GBP has to break through the cluster of four-hour support levels at 0.8450/20 and approach the pattern's support zone at 0.8446 that, if overcome, will prompt a sell-off of the EUR/GBP.
© Dukascopy Bank SA
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