EUR/GBP 1W Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the middle of the last quarter of 2015, the Euro has been trading in an uptrend against the British Pound. The pair is being contained by the monthly pivot point at the moment, but we see the 200-week SMA as a much more important resistance for the cross. This moving average is located at 0.7937 and a rally above here should trigger a climb towards the pattern's upper edge at 0.83. It should be pointed out that the general trend of EUR/GBP remains negative, as the pair should starting building a fresh leg down in the second part of 2016. To support this view, 66% of SWFX market participants are holding short open positions on EUR vs GBP. Monthly studies, however, are mixed for now.
© Dukascopy Bank SA
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