EUR/GBP 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency surges against the Pound in an ascending channel pattern on a medium scale. However, the rate is simultaneously more affected by the Fibonacci retracement levels, which are measured by connecting the pre-Brexit low level with the 2016 high level. At the moment, the pair is on its way from the 38.20% Fibonacci retracement level at 0.8683 to the 23.60% Fibonacci retracement level at 0.8938. However, most recently the rate hit the resistance of the ascending channel's upper trend line. Due to that a short term consolidation of the rate is occurring, and as a result the pair might retreat to as low as 0.8730 mark, before it continues to surge.
© Dukascopy Bank SA
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