EUR/GBP 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since Monday the pair moved higher and bounced back from pattern's support. We were not certain on outlook then and suggested two possible scenarios. Nevertheless, the trading range is narrowing rapidly and the last two bars are almost 55 bars long– the difference between both trend lines. Furthermore, current level is higher than the previous high of 0.85. The fact that aggregate technical indicators on 4H and daily charts are sending "buy" signals is suggesting the pair is most likely to penetrate the resistance in the nearest future. Stochastic is not sending any signs of a turning point, reinforcing a view the current trend will persist.
© Dukascopy Bank SA
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Wed, 23 Oct 2013 12:29:32 GMT

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