EUR/GBP 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a short rebound of the Euro against the Sterling at the end of May and during the first week of June, this cross resumed falling in value. At the moment the pair is approaching the May low at 0.7055, which is under the risk of being violated due to strong bearish pressure. At first, 55-period SMA has recently crossed the 100-period simple moving average, thus confirming the pair's intentions to plummet. Moreover, the Euro is estimated to receive additional negative momentum from the upper boundary of the bearish channel. Following the May low, the next target will become the monthly S1 at 0.70, which is also strengthened by the March low from above.
© Dukascopy Bank SA
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