EUR/GBP 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
From the second attempt the EUR/GBP cross has finally confirmed the upper edge of the descending triangle pattern. Therefore, it becomes increasingly likely that the common European currency will continue rallying in the foreseeable future. This scenario is also suggested by one-hour and daily technical indicators, even though the four-hour studies assume there can be a short-term correction on the pair's way to the north. Additionally, bullish trend should be supported by the upward-sloping 200-hour SMA. The pair's main target is placed at 0.7379 (weekly R1), followed by the weekly R2 at 0.7489. Despite that, three in four SWFX traders are going short on the Euro versus the Sterling.

© Dukascopy Bank SA
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