EUR/GBP 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of this week, the common currency has been refusing to move significantly below the upper trend-line of the bearish pattern. Despite that, there is scope for a sharp downward development at the moment. At first, EUR/GBP is required to violate the nearest weekly support line at 0.7069 (weekly S1). Additional momentum should be provided by the 200-hour SMA, currently at 0.7163. The eventual target for bears stays at the pattern's support around 0.6925. Medium and long-term technical indicators are supporting the bearish case for the Euro. Alongside, the majority (60%) of SWFX traders are holding short opened positions on this currency against the Sterling.
© Dukascopy Bank SA
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