EUR/GBP 4H Chart: Channel Down

As EUR/GBP failed to sustain a bullish momentum above the resistance at 0.84, the Euro was forced to give up all of its gains and to return to being bearish. For the negative bias to stay, the down-trend resistance line at 0.8139 is required to withstand the current buying pressure and send the pair down to 0.8056, where it could try to initiate an upward correction.

However, if this is not the case and there is a break-out to the upside, the price will be expected to target Apr 29 at 0.8259 first, then Mar 18 high at 0.84. But before that EUR/GBP will also need to breach the supply area at 0.8162, consisting of the weekly R1 and 200-period SMA.