EUR/GBP 4H Chart: Channel Up - Bank of England jump
Today, on Thursday, August 3, the Euro gained more than 70 base points against the British Pound in less than an hour. It was a purely fundamental event, which was still consistent with the ascending channel pattern, which has guided the pair throughout this summer. The currency exchange rate met with the combined resistance of the weekly R2 and the upper trend line of the channel up pattern at the 0.9030 mark.
There are two possibilities for the future. In the first scenario the rate bounces off the resistance and continues the short term decline. In the second scenario the pair would push through the combined resistance at 0.9030. However, the second scenario is more likely, as the pair bounced off a support level of a dominant pattern in the middle of July. That means that the ascending channel is about to become obsolete.
As the chart was being drawn up, the second scenario began to form more as reality.
There are two possibilities for the future. In the first scenario the rate bounces off the resistance and continues the short term decline. In the second scenario the pair would push through the combined resistance at 0.9030. However, the second scenario is more likely, as the pair bounced off a support level of a dominant pattern in the middle of July. That means that the ascending channel is about to become obsolete.
As the chart was being drawn up, the second scenario began to form more as reality.
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