EUR/GBP 1H Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a break above the symmetrical triangle formation on Friday, EUR/GBP opened with an upside gap and executed a slight dip to show 0.8678 at 5:30 GMT Monday morning. We look for the loss to be limited around 0.8639 (upper Boundary of the broken triangle), where it could complete the rebound it appears to be undergoing. With 0.9674 causing a hitch on the way, 0.8665/6 will put up a battle against further movements south, and if a break below is successful, 0.8656 will be the final obstacle on the course to the broken line. In case the rally is extended immediately, however, resistances at 0.8689, 0.8696, 0.8704, 0.8711 and 0.8719 will try to distract the pair from its track north. The main target from the upside lies at 0.8717, where August highs might remind of themselves.
© Dukascopy Bank SA
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