EUR/GBP 4H Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the end of may pair has been trading in a relatively narrow 125 pip range—between 0.8595 and 0.8469. As we can see from the previous sessions pair spends quite some time just before the pattern's resistance. Pair is acting the same way this time as well. Technical indicators suggest that pair will attempt to breach the pattern's resistance, but should remain range bound in the medium and long term. Additional support to anticipate for the pairs move towards the pattern's is coming from the market sentiment—74% of all open positions at the moment are short on the pair. 

© Dukascopy Bank SA
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Tue, 02 Jul 2013 12:44:50 GMT

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