EUR/GBP 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency is losing its position against major currencies including the cable, even despite disappointing news from the U.K. over the last week. Despite the fact the pair is approaching the recent high and daily R3 around 0.7932, the outlook still remains bearish. Aggregate technical indicators on a 4H and daily chart are suggesting a movement to the south, while 67% of pending orders in a 100-pip range are placed to sell the single currency versus the Pound. It will be also worth mentioning that general attitude towards the Euro has changed in the recent weeks, as currently traders are buying it in 57% of all cases. Key levels for bulls and bears are located at 0.7932 and 0.7907 respectively.
© Dukascopy Bank SA
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