EUR/GBP 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/GBP has transformed a channel down pattern examined a day earlier into a symmetrical triangle and now the instrument is on the brink of an accelerating decline that often follows a bearish exit this type of patterns. The SWFX numbers prop up this view– two traders out of three hold short positions, meaning EUR/GBP may plunge below the 50-hour SMA and four-hour S1 at 0.7918/7 that act as a strong support zone. If overcome, the short-term SMA may push the mark of 0.7915/3 (four-hour SS2, S3; daily S1) to the fore, below which only two levels – 0.7905 (daily S2) and 0.7898 (daily S3) are capable to stop the downswing.
© Dukascopy Bank SA
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