EUR/GBP 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro/Pound currency cross has approached a very important decision point, which will determine its future development. Since last days of December the pair was trading inside the triangle pattern, implying that the trading range was narrowing all the time. At the moment the Euro is already developing  just outside the figure, but no major moves are taking place. Taking into account a dense demand area from the downside, we suggest the single currency will appreciate versus the British pound. Moreover, short and medium-term technical studies are giving strong "buy" signals. However, SWFX traders decided to stay bearish, as short opened positions account for 64%.
© Dukascopy Bank SA
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