EUR/GBP 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having plunged to a one-year low of 0.8157, EUR/GBP changed direction and commenced a recovery, the biggest part of which has been developing between two upward sloping lines.
At the moment, the pair is trying to re-enter the channel after the second attempt to breach the lower limit. However, we have to treat the current strength with caution given that the currency couple still has not gained a foothold above the lower boundary. Furthermore, almost two thirds of traders are bearish on the pair, suggesting that EUR/GBP may fail to confirm that the breakout has been false.
© Dukascopy Bank SA
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