The common European currency has been gaining strength against the British Pound in a steep ascending channel since April. The channel pattern was formed on April 17 when the currency pair bounced off the lower boundary of the ascending pattern.
The monthly pivot at 0.8820 has provided a significant support for the exchange rate to shoot higher since July 3. Furthermore, the 100-hour simple moving average has guided the pair during this short period.
Technical indicators on both the smaller and the larger time frame demonstrate that bulls are likely going to continue their dominance in the market today.
