EUR/GBP 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While the British Pound appears to be on a firm footing against the US Dollar, the are signs the Euro is going outperform the Sterling. During this week EUR/GBP has been trending downwards, but at the same time the currency pair has been forming a falling wedge, a pattern that portends a reversal. Additional arguments in favour of a stronger Euro is proximity to the June low and preponderance of ‘buy' signals on the daily time-frame. Accordingly, the base case scenario is a close above the falling resistance line, which potentially may lead to a recovery to 0.7224 (Jul 8 high). Meanwhile, the Jul 15 and 14 peaks at 0.7068 and 0.7138 respectively are more conservative targets.
© Dukascopy Bank SA
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