EUR/GBP 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following an upside breakout from the falling wedge pattern that EUR/GBP had sketched on the daily chart, the pair showed strong bullish potential in an ascending channel formation. Even though a retracement from the broken trend-line should be on the menu, we will look for an uninterrupted surge, as the pair has already completely distanced itself from the previous large-scale pattern. The rate is currently on its way down to test the bottom boundary of the pattern or at least take on a flat motion until the boundary around 0.8621 is reached (tomorrow, in this scenario). The pair's unwillingness to abandon the upper trend-line of the pattern might as well indicate that it might be eyeing it for tests at 0.8663 to extend a stepper motion north outside the bounds of the pattern.
© Dukascopy Bank SA
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