The USDCHF and GBPJPY increased by 130 and 140 pip points, respectively. Chunnel (EURGBP) bulls are in control again. Learn about our team's comprehensive analysis, which traders may find to be quite interesting.

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Chunnel (EURGBP) Performance

Chunnel is resuming the bullish trend. EURGBP spent the previous 4 weeks trading within a corrective phase. This phase was completed when the market broke above the previous resistance zone around 0.88150 and resumed the trend.

This outlook is further confirmed by a break above the counter-trendline as well as the resistance zone around 0.88850. As such, traders anticipate a +60 pips move back to the previous high around 0.89760.

The GBPJPY Performance

(UPDATE) - GBPJPY completed the bearish setup.

GBPJPY dropped +140 pips from the consolidation back to the bottom of the ascending structure. This price action completed the bearish trading opportunity. At the moment traders are waiting to see how the market will react before forming a trading plan and looking for trading opportunities.

The USDCHF Performance

(UPDATE) - USDCHF is up +130 pips.

USDCHF aggressively rejected the 50.0 fib level before shooting to the upside. This continuation trading opportunity was further confirmed by the overall ascending market structure as well as the support zone.

This price action resulted in a +130 pips move to the upside. At the moment the market is about to complete the setup. As such, traders will start managing their trades and wait for more price action to develop.

Final thoughts on today's market commentary

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