© Dukascopy Bank SA
After penetrating the lower limit of the pattern, the pair found support at a six-month low of 8.1468 that postponed a further drop. However, this line is expected to be breached before long-over 84% of players at the SWFX are bearish on the pair, meaning that an accelerating decline may be looming. Technical data also bolsters traders' view, pointing to a weakness in the short-term.
© Dukascopy Bank SA