EUR/GBP 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/GBP failed to overcome resistance at 0.7389, and since Jun 9 the currency pair has been in a down-trend. Now, as the long-run moving average is out of the way, the Euro could be aiming for 0.7056, namely for the May low. As for the current situation, the near-term risks are also heavily skewed to the downside, being that the price has just confirmed the upper trend-line of the pattern. A bullish correction is likely to start only somewhere around 0.7140. Meanwhile, the technical indicators are mixed, and the traders do not seem to be decided with respect to the prospects of the pair, as 48% of them are long and 52% are short.
© Dukascopy Bank SA
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