EUR/GBP 1H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to a one-month high of 0.8466 incited an accelerating depreciation of the single currency against the British Pound that was paused only after the pair reached a one-month low of 0.8270 on January 2. In fact, this low is a part of the double bottom pattern that was shaped on December 30 and now is 95-bar long.
At the moment of writing, the pair was trading between the pattern's resistance and the 50-hour SMA. Despite being not far away from the neck line, the pair is not expected to breach this level given that more than 80% of traders bet on depreciation of the pair.
© Dukascopy Bank SA
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