EUR/GBP 1H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is gaining momentum in its pair with the British Pound. At the same time, it is expected to encounter a substantial resistance in the nearest future, which is represented by the weekly R1 and the upper trend-line of the pattern at 0.7392/0.7410. Both four-hour and daily technical indicators are suggesting the Euro is capable of rallying in the next 24 hours. However, market sentiment is broadly bearish at the moment, as more than 72% of SWFX market participants are holding short open positions on the common currency versus the Sterling. Therefore, the mid-term outlook remains fairly negative, and EUR/GBP is likely to bounce back from 0.7410.
© Dukascopy Bank SA
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