EUR/GBP 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/GBP turned around ahead of 0.70, and the pair is now forming a bullish channel. However, since the price has just confirmed the upper trend-line, the near-term risks are skewed to the downside. The Euro should descend through the nearby supports at 0.7344 and 0.7317 before bottoming out in the vicinity of the lower boundary of the pattern. However, if the bearish pressure persists and the reversal does not occur, the sell-off may extend down to 0.7220. There the demand is implied by the Mar 23 low together with the 200-hour SMA and weekly pivot point, and may thus be enough to prevent a larger decline. Meanwhile, the sentiment is negative, with 63% of positions being short.
© Dukascopy Bank SA
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