EUR/GBP 1H Chart: Channel Up

For the past 60 hours the single European currency has been generally outperforming the British Pound, resulting in formation of the upward-sloping channel. Given that the rising support line at 0.8230 was confirmed by the market and many of the four-hour technical indicators are bullish, EUR/GBP is likely to move further north. However, at the moment the currency pair is facing a tough obstacle represented by the 200-hour SMA, which has already prevented a recent attempt of the Euro to advance  beyond 0.8245. Meanwhile, the amounts of the SWFX traders for and against continuation of the up-trend are nearly equal—48% and 52% respectively.