EUR/GBP 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although early in the morning the bullish channel was still intact and four-hour technical indicators were giving 'buy' signals, EUR/GBP violated the lower boundary of the figure and fell beneath the daily pivot point at 0.8325.
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.

© Dukascopy Bank SA
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