EUR/GBP 1D Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Main presumption behind the Double Top pattern is that pair fails to reach new (relative) high and gradually returns to the trading levels prior to the pattern. However,  due to the few reasons it is highly likely we will see a little bit different view  this time. First of all, pair is already trading slightly below the pattern's support, but we don't see any increase in momentum. Secondly, short and medium term technicals on aggregate give neutral outlook (no clear directional signal), but same horizon Stochastic (which predicts major turning points) and long term technicals give bullish outlook. Last but not the least, trading volume is noticeably lower than recently which indicates cooling of the sentiment.

© Dukascopy Bank SA
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