EUR/GBP 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The long term situation on the EUR/GBP pair is not as much dictated by patterns, as it is set by the Fibonacci retracements connecting the high level of December 31 of the year of 2008 and the low level reached on July 17 in 2015. On a larger scale the currency exchange rate fluctuates in the borders of a rising broadening wedge pattern. However, most recently there is ascending channel pattern, which formed in the middle of the wedge. The creation of the channel occurred after the rate fell after encountering the wedge's resistance combined with the 61.80% Fibonacci retracement in the middle of the August. During its downward movement in a channel down pattern the currency exchange rate encountered the 50.00% Fibonacci retracement, which rebounded the rate to form a new channel. Although, this time the channel is upwards aimed.
© Dukascopy Bank SA
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