EUR/GBP – A Look at the Bullish Trend Development

From fxtimes.com

Rounded bottom: Following the previous post on the EUR/GBP coiling in a rounded bottom attempt, the market broke the triangle to the downside but held above the 0.80 handle and support pivot area. Remember the warning about triangles resulting in false breakouts. The real break occurred to the upside, where it extended until it cracked the previous support/resistance pivot of 0.8076. This completes a rounded bottom. Channeling, momentum: The 4H chart shows the EUR/GBP forming what appears so far as a rising channel. The trend is not there yet, as the 200-SMA is flat with the other moving averages as well as price ... (full story)