EUR/GBP 4H Chart: Adjusted medium pattern

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Sell Neutral
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

The previous forecast for the EUR/GBP pair was wrong. As it turns out, the medium term pattern's lower trend line was not actually broken. Instead the pattern needed to be adjusted slightly to the downside to reveal its real borders. 

Moreover, the rebound against the adjusted medium term pattern's lower trend line resulted in the formation of a junior ascending channel pattern. The channel up is guiding the currency pair up to the upper trend line of a dominant pattern.

It is expected that the currency pair will eventually reach the just mentioned trend line and a bounce off from it should occur.

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