EUR/GBP 1H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After an eight-day long development in the horizontal trend between 0.7267 and 0.7387, the Euro/Sterling pair managed to create a rare rectangle pattern, while its boundaries have been keeping the exchange rate under control so far. The base scenario is for the Euro's  advance in the nearest future, as bulls are likely to get additional impetus from the weekly pivot point just above the June 10 low, namely the pattern's lower boundary. Moreover, 55-hour SMA is still above the 200-hour SMA, meaning that there is a potential for a rise. Meanwhile, while daily technical studies are favouring the bullish scenario, around 56% of SWFX traders are holding short positions on the Euro.
© Dukascopy Bank SA
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