EUR/GBP 1H Chart: Channel Up

Now the price is moving en route to the formidable support at 0.83, where the daily S1 merges with the 200-hour SMA. Here the sell-off may come to an end, which would mean that further appreciation of the Euro is probable. However, some of the daily indicators are bearish, suggesting the currency pair is now expected to follow a downward tendency, possibly until the daily S3 level at 0.8236 is reached.