EUR/GBP 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After setting an all-time high of 0.9118 in September 2016, EUR/GBP slipped and then entered a ranging motion. The pair has just finalized the attack on the upper range area and has entered a channel down pattern to lead it south again. While the channel has remained solid during the last week and a half, diminishing highs are showing some built up bullish momentum. We do, however, believe that the surge will be cut by the upper boundary of the senior pattern, at least for now. The next target lies at 0.8663, the upper trend-line of the wedge, and will open up a cloud which could lead to some corrective movements before any attacks at the channel upper boundary are launched.
© Dukascopy Bank SA
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