EUR/GBP 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has been appreciating against the Sterling since February 17, when the pair hit 0.8158. The pair performed a 240-pip rally, however, bulls are still not strong enough to move above weekly R1 at 0.8401. Therefore, it can be considered as a key level for long traders in the nearest future. Aggregate technical indicators, however, are sending ‘buy' signals, while MACD is suggesting the market is oversold and the pair will move higher. At the same time, the pair is trading close to pattern's support and a downside breakout should be excluded from all possible options. At the time being, 64% of traders believe the pair will penetrate the lower trend line.
© Dukascopy Bank SA
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