EUR/GBP 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single European currency has been losing value relative to the British Pound since mid-March; however, early May, the pair decelerated the pace of its decline and entered a 116-bar long triangle pattern.
Several hours earlier, EUR/GBP suddenly plunged to a two-year low of 0.8064 but managed to recover all losses shortly after the dip and re-entered the pattern. Now the pair is likely to retreat from the current level near the 50-bar SMA at 0.8125 in the hours to come given the SWFX sentiment-almost two thirds of traders are bearish.
© Dukascopy Bank SA
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Fri, 06 Jun 2014 06:54:43 GMT

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