EUR/GBP 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After falling below the 200-hour SMA at 0.7315, the Euro is expected to depreciate even stronger versus the Sterling. However, within the boundaries of the double top pattern this currency pair will meet the lower trend-line soon, which may provide the necessary support for bulls. In addition, the lower edge is also reinforced by the daily S1 today, while daily technical studies suggest the common currency will appreciate in the next 24 hours. Still, market sentiment is overwhelmingly bearish (74%), meaning that negative risks are not off the table. In case supply at 0.7315/30 pushes the pair below the trend-line, it may drop as low as 0.72 in the mid-term, followed by weekly S2 at 0.7149.

© Dukascopy Bank SA
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