EUR/GBP 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The European currency has been recovering against the Sterling since Mar 11 and managed to form a bullish channel. However, the long bets are risky, considering that the market is distinctly bearish: EUR/GBP is in a distinct down-trend since Dec 16. Right now the pair is struggling to breach resistance at 0.7250 created by the 23.6% Fibonacci retracement of the latest major down-move (Dec 16-Mar 11) and resistance trend-line. The pair is likely to retreat from here and make another attack soon after stabilising near the lower boundary of the pattern at 0.72. Meanwhile, the sentiment among the SWFX market participants is bearish, being that 58% of open positions are short.
© Dukascopy Bank SA
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