EUR/GBP 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early March, the single European currency has been losing ground versus the British Pound and today we will examine one of the bearish formations that were shaped during the decline - a 139-bar long channel down pattern. EUR/GBP entered the tunnel on Jul 10 and is likely to remain inside the corridor in the hours to come, considering that around 63% of all orders on the SWFX are placed to sell the instrument. If traders' expectations come true, the currency couple is likely to retreat from the upper limit of the pattern but the decline may be restricted at the levels of 0.7919/4 (daily PP, S1; four-hour PP, S1), 0.7911/0 (daily S2; 50-hour SMA; four-hour S2) and 0.7907 (four-hour S3; daily S3).
© Dukascopy Bank SA
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