EUR/GBP 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the fact this pattern was included in our morning trade patterns, it is worth paying attention to it for a second day, as the pair is breaking through the support line. After loosing more than 300 pips in more than a month period, the pair is still expected to depreciate. This idea is supported by aggregate technical indicators on variety of time frames, including 4H and daily charts, which are all sending "sell" signals. Moreover, the pair has already closed below the key level and now it is expected to fall up to 0.8412, represented by Weekly S2 and a Fibonacci Retracement. In case this level would be penetrated, the next stop would be found only at 0.8315.
© Dukascopy Bank SA
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