EUR/GBP 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of October, EUR/GBP has been trading sideways, swinging between small gains and losses. On October 17, the currency couple started to shape a channel up pattern; however, the pattern boundaries are not steep and the advance of the pair is mild. At the moment, EUR/GBP is vacillating close to daily pivot point, sitting at 0.8530. According to the SWFX data, traders are divided on the prospects of the pair, with 59.26% of traders being bullish on the pair and 40.74% -bearish. Meanwhile, technical indicators contradict to the traders' outlook, sending bearish signals for the short-term.
© Dukascopy Bank SA
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