EUR/GBP 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to more than a four-month high of 0.8796 on July 31 was a starting point of a channel down pattern that took the pair to a four-month low of 0.8405; however, the pair was unwilling to fall further and bounced off this low to trade close to 20-bar SMA at 0.8430.
To confirm the bearish outlook on the pair displayed by market participants, EUR/GBP should drop below the mark of 0.8429 (daily S1; four-hour S3). This decline is likely to enfeeble the pair further and may send EUR/GBP to the next support region at 0.8407 (daily S2) that will bring a one-week back into the picture.
© Dukascopy Bank SA
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