EUR/GBP 4H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After being on a down-trend for more or less all year, the EUR/GBP seems to be found a support around the 0.78 mark. With a help of this support level a 247-bar long ascending triangle pattern has formed.
Even though there are still plenty of bearishness, there are also some signs of a possible recovery. At the moment, the biggest challenge will be to breach the weekly R1 and daily R2 around the psychological level at 0.80. The 4H and daily technical studies could be good drivers; although, it is not clear whether it will be enough. At the same time, the SWFX market participants remains bearish, as 58.45% of them have shorted the pair.
© Dukascopy Bank SA
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