EUR/GBP 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a double bottom pattern, EUR/GBP formed a rectangle. This usually happens after bulls or bears fail to break any of the trend line, and the price moves back to pattern's boundaries. The pair will continue fluctuating between support and resistance lines until either bears or bulls will be strong enough. At the moment of writing, 62% of opened positions were long, and even though aggregate technical indicators are neutral on three different time frames, short term outlook is bullish. In case pair will close above 0.8467 (Fibonacci retracement and pattern's resistance), price will move to the north, trying to hit another retracement level around 0.8537.
© Dukascopy Bank SA
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