EUR/GBP 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A formation of the wedge is a signal of a reverse of the trend that is currently formed within the wedge itself, meaning pair's depreciation that lasts since March, can soon be replaced by a rally. Aggregate technical indicators are sending ‘buy' signals, while 65% of traders are holding long positions. Moreover, fundamentals from the U.K. weakened the Pound, pushing the pair above 0.79-mark. It will be also worth mentioning that falling wedges are penetrated to the upside in 68% of the time. While the outlook is bullish, traders will have to penetrate 0.7915 and 0.7929 before heading towards pattern's upper boundary.
© Dukascopy Bank SA
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