EUR/GBP 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/GBP is currently trading in boundaries of two trade patterns, including the falling wedge and a descending triangle, both formed on a 4H chart. Keeping in mind lower trading volumes, and the fact both trend lines will converge in a couple of days, the pair is likely to be highly volatile soon. The outlook is bearish both from the perspective of technical and fundamental analyses. Mario Draghi will talk down the Euro, while aggregate technical indicators on a 4H and daily charts are sending ‘sell' signals, meaning the pair will depreciate soon. The number of buy and sell pending orders is almost equal, hence, traders, are not confident about the long-term outlook.
© Dukascopy Bank SA
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