EUR/GBP continues steadily recovering in a shallow channel.
EUR/GBP is rising in a shallow channel since it bottomed out in late August. The trend is now probably sideways – possibly even bullish, with odds favoring more upside and a reversal. The dominant short-term downtrend in August has ended and the pair has entered a sideways trend. It is even possible it could be at the start of an uptrend. EUR/GBP 4-hour Chart EUR/GBP will probably continue its shallow rising channel higher.
A decisive break would be one accompanied by a long green candle that breaks above the level and closes near its high, or three green candles in a row. The Relative Strength Index momentum indicator is rising in line with price, indicating mild bullish confidence. It is still possible the August downtrend could resume, with a decisive breakdown below the lower channel line probably leading to a fall to a target at 0.8400. The pair was falling in a descending channel during August.
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