EUR/GBP 4H Chart: Channel Up

Right now the Euro/Sterling exchange rate is trying to tackle the 200-period SMA at 0.7888. This support is assumed to be quite formidable, especially taking into account the demand it managed to create earlier in March. Back then the Euro was forced to resume adding value within the bullish channel. Given the negative distribution between the long and short positions of the SWFX market, a fresh leg up may begin emerging momentarily. Moreover, the moving average is guarded by the monthly pivot at 0.7842 and this is another demand line acting as a shield for the pattern's lower boundary. As for technical indicators, today they are giving mixed signals on all time frames.