EUR/GBP 1H Chart: Broadening Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a correction at the beginning of October, the EUR/GBP cross found a support slightly above the 0.78 level. Since then the pair has formed a broadening rising wedge pattern and reached 0.79 mark.
Recently, the major level at 0.79 was approached; however, since then the pair has declined. At the time, when the mark was touched, the Euro was not ready for a bullish break-out, thus a retreat followed. Actually, the situation has not changed much, there are still no conviction that the pattern could be breached to the upside. Moreover, the majority (57.85%) of the SWFX market participants expect a decline; therefore, increasing the scepticism against the pair.
© Dukascopy Bank SA
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