EUR/GBP 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After plunging by more than 100 pips for less than one day time, the downside pressure abated and the Euro managed to rebound against the British Pound. The recovery was developed within the boundaries of the rising wedge pattern started on December 17.
Now EUR/GBP is trading below the lower limit of the pattern, albeit slightly, that may signify the breakout. Traders also are not optimistic about the pair-84.74% of positions are short-suggesting that the breakout may have been real thus we may observe an accelerating decline before long.
© Dukascopy Bank SA
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