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EUR/GBP: steadily channeling higher

   
The EUR/GBP pair has been rising in a gentle up-trending slope ever since forming historic lows in
March.

On the long-term monthly chart the pair has fallen to – and then penetrated below – major support from the lower channel-line of a multi-year descending channel at 0.7350; it is now ranging right on the line.

Ultimately the main trend lower is still intact in the medium-term and so a break below the March lows, including a 20-point margin, therefore below 0.6980 would probably lead to a move down to support at the 0.6900 round-number.

Alternatively, the short-term gently-up-sloping trend could continue, with a break above the 0.7282 highs probably confirming a rebound, initially just to the major channel line at 0.7325.

Then, a break above 0.7345, might usher in a further bullish leg up to 0.7380 and the 200-Month MA.

Finally a clearance of the MA and R1 monthly pivot, confirmed by a move above 0.7440 could extend to the 0.7480 highs.
EURGBP19

   
The EUR/GBP pair has been rising in a gentle up-trending slope ever since forming historic lows in
March.

On the long-term monthly chart the pair has fallen to – and then penetrated below – major support from the lower channel-line of a multi-year descending channel at 0.7350; it is now ranging right on the line.

Ultimately the main trend lower is still intact in the medium-term and so a break below the March lows, including a 20-point margin, therefore below 0.6980 would probably lead to a move down to support at the 0.6900 round-number.

Alternatively, the short-term gently-up-sloping trend could continue, with a break above the 0.7282 highs probably confirming a rebound, initially just to the major channel line at 0.7325.

Then, a break above 0.7345, might usher in a further bullish leg up to 0.7380 and the 200-Month MA.

Finally a clearance of the MA and R1 monthly pivot, confirmed by a move above 0.7440 could extend to the 0.7480 highs.
EURGBP19



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