EUR/GBP 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As anticipated pair moved towards the pattern's support rather neatly and bounced from it. However, daily PP at 0.863 unexpectedly put more than anticipated pressure on the pair and pushed it to the pattern's support once again. However, it should be pretty safe to say that this should be bears capitalizing on the recent sell of. We could say so from the dynamics in the market sentiment. Amount of pending short orders in the last 9 hours decreased from 62% till 48% (were triggered). As a consequence, amount of the bears in the market increased by 10% (from 48% to 58%).  

© Dukascopy Bank SA

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