EUR/GBP 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the disagreeing technicals, the current set-up on an hourly chart of EUR/GBP is supposedly in favour of a robust rally. Not only the pair has managed to close above the 200-hour SMA (already a bullish signal), but it has also confirmed the major moving average as the current support by rebounding from it yesterday. Moreover, the price action throughout the past 100 bars suggests that the rate is fluctuating between two parallel upward-sloping trend-lines. Right now EUR/GBP is facing the daily pivot point at 0.8423, but eventually is expected to reach the upper edge of the pattern at 0.8491, where the daily R3 lies as well.
© Dukascopy Bank SA
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