EUR/GBP 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/GBP fell short of posting a second successful attempt at the January high of 0.8842 and broke the nearly perfect channel up pattern to sketch another one in the opposite direction. The pair has just confirmed the trend-lines enough to make the pattern at least somewhat credible, meaning that we will look for a fall to the bottom boundary at 0.8676 with areas of demand posed to mess with momentum all the way down. Immediate support lies at 0.8732, while upside potential is cut at 0.8739 where the channel upper boundary lies.
© Dukascopy Bank SA
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