EUR/GBP 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/GBP confirmed the downtrend with a break below the descending triangle that led a correction to build up bearish potential. The pair has not retraced yet, meaning that 0.8534/28 could cut the losses for now, and the 0.8582 area could be targeted short-term. However, due to the pair's hesitation on the retracement, we would not could on it, meaning that most risk is still skewed to the downside, even in the short-term. The 0.8499 area will follow the immediate support, and will open the way for tests of 0.8452/51 further on. The movement is facilitated by the already bearish nature of technical indicators, such as various time-frame SMAs and a cloud resistance lying above. Of course, anything can happen, given that fundamentals drive EUR/GBP more than technical do.
© Dukascopy Bank SA
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