EUR/GBP 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 425-bar long channel down pattern formed by EUR/GBP started in mid-October, 11 days before the pair hit a two-month high that put a heavy selling pressure on pair. At the moment of writing, the currency pair was vacillating slightly below its 50-and 200-hour SMAs and was expected to retreat in the hours to come; 72.41% of market participants were bearish on the pair, according to the SWFX data. Meanwhile, technical indicators also suggest weakness of the currency couple in the medium and long terms.
© Dukascopy Bank SA
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