Dukascopy
Long

EURGBP 4H: Short-term retracement

FX:EURGBP   Euro / British Pound
The common European currency has been trading in a downtrend channel against the British pound since the middle of January. Although the decline has been stopped by the weekly PP             at 0.86 for a temporary retracement to the upside.

After testing the downtrend's boundary on 25th January, the pair started to consolidate to the north. A junior pattern has been drawn to trail the movement of the market.

The bull is likely to continue dominating the pair for a short period of consolidation until it is stopped by the weekly PP             at 0.88 or the daily dominant channel upper trend line .
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