EUR/GBP 4H Chart: Channel Down

Even though the Euro/Pound currency pair tends to show mostly tranquil development, it is generally losing value at the moment. This situation helped the pair to create the channel down pattern on the medium-term/four-hour chart. The bearish trend is expected to persist in the long-term, as projected by technical indicators on all time frames. Positive intentions of bulls to push the Euro upwards should be limited by 200-period SMA and monthly PP at 0.7173. However, in case these lines are violated, the pair will then head towards the pattern's upper edge at 0.7307. In the meantime, market sentiment is broadly mixed, as bears have just a slight majority with 52% of all trades.