EUR/GBP 4H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the past 2 and a half months pair has been narrowing its trading range (by approximately 50 pips in 100 bar period). At the moment it is trading somewhere around third of the pattern's length left till the triangles apex. Although pair has bounced from the pattern's support and it would be about time to breach the pattern, technical indicators suggest that the pair is rather likely to rebound from the pattern's resistance and stay in the pattern's boundaries. Probability of such scenario increases due to the fact that at the moment slim  majority of traders, 58% to be exact, are already short on the pair anticipating its depreciation.

© Dukascopy Bank SA
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Fri, 28 Jun 2013 08:14:36 GMT

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