EUR/GBP 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/GBP has recently broken out of the bearish channel to the upside and subsequently formed a new pattern—an ascending channel. The outlook on the currency pair for the next several days is therefore positive, and we expect the price to rebound from the lower rising trend-line and jump over the latest high. However, there are also plenty of arguments against appreciation of the Euro. For one, the single currency is already overbought, being that 72% of currently open positions are long. At the same time, the bias among the technical indicators is to the downside. If the rate closes under 0.7910, the weekly R1 at 0.7876 will become the first target, followed by the May 2 low and 200-hour SMA near 0.7820.
© Dukascopy Bank SA
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