EUR/GBP 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the upward correction of the major down-move did not extend beyond the resistance at 0.84, the British Pound continues to outperform its European counterpart. However, it might not be the case in the short run, given that EUR/GBP is currently trading right in front of the lower boundary of the bearish channel, which in turn is reinforced by the weekly S2 and the low seen on Dec 10 back in 2012. The rally should not rise above the falling trend-line at 0.8112, but even if it does, there is a tough cluster of resistances at 0.8158, consisting of the weekly R1, May 29 high and 200-period SMA. In the meantime, the SWFX sentiment is distinctly bullish—64% of open positions are long.
© Dukascopy Bank SA
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