EUR/GBP 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting 0.835 on September 18, EUR/GBP cross shot up and formed a rising wedge pattern. Since then bears tried to push the pair even lower (October 1 0.833), the general movement is still suggesting a formation of the uptrend. At the moment of writing the pair was bounded between pattern's support at 0.8458 and 38.20% Fibonacci retracement. Technical indicators are sending mixed signals, however, we can suggest two possible scenarios. First, a move below pattern's support towards 200-bar SMA and 23.60% Fibonacci retracement at 0.8426, while in case of a pullback from current level, the pair may retest 0.850.
© Dukascopy Bank SA
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