EUR/GBP 1H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After falling to the lowest level this year at 0.7767 on September, the pair managed to recover above the psychological level at 0.80. However, not for long, as EUR/GBP failed to stabilise its positions there and declined towards the 0.78 level.
At the current trading levels the pair is on a period of consolidation and it is supported at the 0.78 mark. It seems that the cluster of supports (100 and 200-period SMAs; weekly PP) have failed to keep the pair above the 0.7840 level. Therefore, a repetitive test of 0.78 level is likely, before moving higher once again. Moreover, majority of 1H and 4H technical studies are pointing to the upside.
© Dukascopy Bank SA
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