EUR/GBP 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rising wedge on the hourly chart confirms the bearish formation on the daily chart which, while unidentifiable, suggests that a trend-line will push the pair down sometime soon. EUR/GBP has been sticking to the bottom boundary of the pattern and has showed it troublesome to reach for the upper trend-line one more time. 0.8575 could be the area where the pattern breaks in a few hours and we will then look for a retracement followed by a major downfall that could continue for a couple of weeks. The lower boundary is strengthened by several other indicators, but the next support rests 0.8549, from which a retracement might be executed.
© Dukascopy Bank SA
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