EUR/GBP 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
We simply cannot omit the ECB decision to trim interest rates, that provoked a massive sell-off of the single currency, leading to major movements to the downside in all Euro crosses. The EUR/GBP pair touched the upper trend line on June 4– a perfect timing to open a short position. Market sentiment is slightly bullish, as 55% of opened positions are long. However, keeping in mind more easing from the ECB, the market sentiment will not really matter. Technicals are also sending ‘sell' signals, and in case bears are able to penetrate the recent low and daily S3 at 0.8084, then the next key support will only be found around weekly S2 and then pattern's support at 0.8056 and 0.8037 respectively.
© Dukascopy Bank SA
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