EUR/GBP 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though EUR/GBP violated the six-month up-trend at the beginning of March, it managed to preserve bullish momentum. Now this trend-line serves as an upper edge of the emerging channel. However, while the near-term outlook on the pair is positive, we do not expect the rate to keep recovering for long. Considering the technical indicators in all three relevant time frames and the fact that a majority (69%) of the market participants is holding short positions, EUR/GBP is highly likely to update March high at 0.7950 in the nearest future. However, it should not be able to rise above resistance at 0.8040, which is the upper bound of the descending seven-year-old channel reinforced by the monthly R1.
© Dukascopy Bank SA
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