EUR/GBP 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the Pound is fully being dictated by the events connected with the Brexit and UK politics, there still exist patterns, in accordance with which the EUR/GBP rate fluctuates. Just recently the currency exchange rate broke out of a short term ascending channel pattern, which was expected to occur sooner or later. However, the catalyst for this move was a court case in the UK regarding the article 50 of the treaty of the EU. In addition, during the move the currency exchange rate moved in accordance with the medium term descending channel, which with it has met its end, as there is also a larger scale pattern influencing the pair. On a larger scale the rate's rising wedge pattern's lower trend line has been confirmed, and the pair is set to rebound and destroy the medium term channel.
© Dukascopy Bank SA
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