EUR/GBP 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For more than a month started April 11, EUR/GBP has been unable to ascend significantly as any bullish moves have been blocked by a downward-sloping ceiling—a trend-line of the 101-bar long descending triangle pattern.
At the moment, EUR/GBP is trading in a 17-pips wide range that will continue narrowing down in the hours to come. This signifies that the apex is looming and the pair will exit the formation soon. Meanwhile, the future direction of the pair seems uncertain as the SWFX sentiment as well as long-term technical signals are neutral.
© Dukascopy Bank SA
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