EUR/GBP 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
An overwhelming majority of technical studies suggests stronger Euro. Apart from an emerging bullish channel, the positive outlook is reinforced by the technical indicators for hourly and four-hour periods. Moreover, despite the recent 3% recovery of EUR/GBP from 0.8350, the single currency remains heavily oversold—71% of open positions are still short, meaning there is plenty of room for new buyers to enter the market.

Nevertheless, targeting 2013 highs at 0.8750 might be premature, considering the pair has not yet managed to breach an important resistance level. Supply at 0.86 is represented by the weekly R2, and most importantly, by July highs.
© Dukascopy Bank SA
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