EUR/GBP 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro failed to surpass resistance at 0.7160 on Jul 27, and as a result, we expect the currency pair to visit the Jul 17 low at 0.6936 while trading between two trend-lines. EUR/GBP should soon test the upper boundary of the channel, and from there the exchange rate will be in a good position to launch an attack on 0.9956, which may in turn trigger a bullish correction before a final move towards 0.6936. If the pair closes above 0.7025, there is a high chance the weekly PP and 200-hour SMA will be enough to prevent further appreciation of the Euro. If not, the next target will already be represented by the Jul 27 high at 0.7160.
© Dukascopy Bank SA
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