# EURGBP Short-Term Channel (Jun 29, 2017) Source: https://www.tradersway.com/resources/market-info/eurgbp-short-term-channel-jun-29-2017/ Language: en Updated: 2017-06-29 Description: Explore EURGBP Short-Term Channel (Jun 29, 2017). EURGBP continues. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. EURGBP continues to trend higher after breaking past a major range resistance visible on its longer-term charts. On the 1-hour time frame, it can be seen that the pair is moving inside an ascending channel formation and is testing support. The 100 SMA is above the longer-term 200 SMA on this time frame so the path of least resistance is to the upside. In other words, support at .8800 is more likely to hold than to break, sending price back up to the .8900 area. Stochastic is also pulling up from the oversold area to signal a return in bullish pressure. Earlier in the week, ECB head Draghi hinted that they could withdraw stimulus soon, sending the euro on a strong rally. However, these gains were quickly erased when policymakers signaled that the Governor’s remarks may have been misinterpreted. ![EURGBP Short-Term Channel (Jun 29, 2017)] As for the pound, BOE head Carney’s remarks also sounded more upbeat than usual as he mentioned that a global boom would make a rate hike necessary. The vote on the Queen’s Speech could likely drive pound price action from here but this relatively hawkish statement could keep the currency afloat. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/eurgbp-short-term-channel-jun-29-2017/#primary", "url": "https://www.tradersway.com/resources/market-info/eurgbp-short-term-channel-jun-29-2017/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/eurgbp-short-term-channel-jun-29-2017/", "headline": "EURGBP Short-Term Channel (Jun 29, 2017)", "inLanguage": "en", "datePublished": "2017-06-29T07:45:36+00:00", "dateModified": "2017-06-29T07:45:36+00:00", "articleSection": "Market Info", "description": "Explore EURGBP Short-Term Channel (Jun 29, 2017). EURGBP continues. 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