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
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