EUR/GBP 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been gradually retreating versus the British Pound since the second part of March when the pair hit a six-month high of 0.8401. While being in the down-trend, the currency couple embarked upon formation of the falling wedge pattern that now is 81-bar long.
At the moment, EUR/GBP is vacillating near a one-month low of 0.8233 and is likely to prolong its decline considering that the instrument is trapped by the limits of the bearish formation and that circa 61% of all orders are placed to sell the pair. Technical data also bolsters this view, pointing to the pair's weakness in the short and medium perspectives.
© Dukascopy Bank SA
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