EUR/GBP 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During more than two months started in mid-March, the Euro was depreciating against the British Pound; however, the currency pair managed to halt its slide by entering a bullish tunnel on May 22.
At the moment, the pair is sitting above the 50-hour SMA at 0.8135, albeit slightly. In fact, EUR/GBP had been struggling at the short-term SMA for more than a day before it eventually surpassed this level. Nevertheless, market participants do not expect the pair to settle above this mark-almost 60% of positions are short. Meanwhile, technical indicators are sending mixed signals, suggesting an advance in the short-term and a decline in the long-term.
© Dukascopy Bank SA
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