EUR/GBP 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the last time we spoke of EUR/GBP, the currency pair confirmed the lower bound of the emerging channel. This, alongside favourable technical indicators, especially in the four-hour time-frame where six out of eight studies are giving ‘buy' signals, reinforce a bullish outlook on the European currency. However, we should be wary of resistances the price is approaching, as they are highly unlikely to give in easily. While there is a good chance the August high at 0.8725 will be unable to contain bullish tendencies for long, supply circa 0.88 may not let the exchange rate advance further north, being that this is the level of maximums seen back in 2013.
© Dukascopy Bank SA
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