EUR/GBP 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having touched a five-month high of 0.8767 on August 1, the pair commenced to shape a channel down pattern, reaching a 10-month low of 0.8332 on October 1.
It seems that a massive sell-off did not manage to alleviate the downside pressure as EUR/GBP has a potential to continue moving to the south. The proportion of orders placed to sell the pair is 72.46%, implying that the sentiment is strongly bearish. Although the pair is expected to decline further, the bearish breakout is not likely to occur in the nearest future given the relatively large distance from the pattern's support.
© Dukascopy Bank SA
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