EUR/GBP 4H Chart: Breaking large scale trend

FX_IDC:EURGBP   Euro / Britisches Pfund
The common European currency has broken through a dominant resistance line against the British Pound. Moreover, the currency pair has clearly broken away from the level of significance and already made an attempt to break the resistance of the monthly R1 at the 0.8914 level.

The surge is occurring in a medium scale channel up pattern. However, there are no notable junior patterns to this medium pattern because of the rather high volatility of the currency exchange rate.

Meanwhile, it has to be noted that the surge from a technical perspective has been caused by a Fibonacci retracement level.

The EUR/GBP is a largely fundamentally affected currency exchange rate, as its larger moves and direction is set by the Brexit talks between the European Union and the United Kingdom.

However, it has not impacted technical analysis. By taking into account various events before hand, the currency pair can be properly charted.

The rate is ascending in a large scale ascending channel. In the borders of that dominant channel junior patterns can be spotted. Most recently the pair stopped a medium surge and began a medium scale decline, which is set to reach below the 0.8780 mark.

The common European currency, as it was expected, broke the junior channel down pattern against the Pound. However, since the last review, more developments have taken place.

First of all the currency exchange rate has revealed a medium term channel up pattern. The channel is very wide, and this volatility is excellent for short term traders that would like to cash in on larger moves.

Most recently the pair bounced off the lower trend line and the 50.00% Fibonacci retracement level near the 0.8820 mark. Due to that reason Dukascopy analysts forecast a surge through various resistance levels up to the 0.8930 level.
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