EUR/GBP 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Resistance at 0.7160/70 proved to be impenetrable. As a result, EUR/GBP started to form a bearish channel. The currency pair is expected to rise up to 0.7090/0.7100 and then resume the decline, since there it is going to meet the falling trend-line, weekly PP, and 200-hour SMA. It is likely that be the end of the week the Euro will be worth 69 and a half pennies, which is the Aug 5 low.
A close above 0.71 however, will invalidate the bearish scenario. The price will then be expected to rise up to the mentioned Aug 12 high at 0.7160/70. The SWFX traders are net short: 59% of open positions are to profit from Euro's underperformance against to the Sterling.
© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.