EUR/GBP 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being that since August EUR/GBP has been posting lower peaks and lower troughs, we may conclude that the currency pair has been trading in the down-trend. The lower boundary of the emerging bearish channel has been repeatedly confirmed by the market as significant during this time interval. Accordingly, there is a good chance that the price, despite being under considerable downward pressure at the moment, will manage to rebound from the support area between 0.8305 and 0.8262. Nevertheless, the market participants seem to be undecided with respect to the future of EUR/GBP—47% of them are currently long and 53% are short on it.
© Dukascopy Bank SA
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