EUR/GBP 1H Chart: Channel Down

The pattern started when the pair bounced from 0.8007 and after testing pattern's resistance levels at 0.8054 and 0.7914 it has slowed down at 0.7916 where the pair is currently trading. Technical indicators on aggregate do not suggest any clear emerging trends in the nearest future. The SWFX market sentiment is equally divided between bears and the bulls as well. Long traders expecting that the pair will try to brake through the  pattern's resistance band could focus on the level of 0.7863. If this level is breached, the next targets could be set at 15th of July high at 0.78979 and 13th of July peak at 0.7879.

Technical indicators on aggregate point at a bullish market outbreak on  1D horizon indicating that the pair will continue to follow pattern's, downward sloping, trend. Short traders could focus on 4H support level (Fibonacci) at 0.7856. If this level is breached, next targets could be set at the daily support (Fibonacci) level at 0.7844 and the pattern's support band at 0.7824.