© Dukascopy Bank SA
On the whole EUR/GBP is currently recovering after bottoming out at 0.8333, but is doing so at a more gradual pace than at the very beginning of the rally—between the two parallel upward-sloping trend-lines. Even though these boundaries of the bullish pattern have not yet been confirmed on many occasion, we believe the market is still likely to respect them in the future.
The next most probable contact with the support line should thus take place between 0.8482 and 0.8477. This test is expected to initiate another up-leg, though the technical indicators are not giving strong ‘buy' signals.
© Dukascopy Bank SA