EUR/GBP 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro entered a channel down pattern against the Pound on June 16. At the moment, the currency exchange rate is moving downwards at 0.7679, which is in the middle of the pattern, and it is moving toward the weekly S3 at 0.7650. If the pair passes the weekly S3, it is set to move towards the patterns lower trend line at 0.7636. However, if the European currency rallies against the Sterling, then it would move upwards to the cluster above comprised of the monthly PP at 0.7734 and weekly S2 at 0.7746. An upward move later is also supported by the fact, that traders have open 61% of short positions, which is very close for the pair to become oversold.
© Dukascopy Bank SA
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