EUR/GBP 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a double bottom emerging near the lower boundary of the bearish channel, as there are two distinct valleys formed with the help of the support at 0.76 (down-trend and monthly S2). Consequently, if the pair closes above the neck-line at 0.77 (Jan 20 high), there is a good chance the rally will extend higher, but at the same time the up-move should limited by the major down-trend at 0.78, which is reinforced by the weekly R1. One should remember, however, that today's fundamentals, specifically the ECB Press Conference, pose a significant threat to this scenario, and many of the levels mentioned may well be violated amid elevated volatility.
© Dukascopy Bank SA
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