EUR/GBP 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/GBP pair will soon become highly attractive for traders. Following last Thursday's rally, the pair pulled back from pattern's resistance and at the moment of writing was trading at 0.8250, just 9 pips above the support line. Despite the fact market sentiment is slightly bearish, and keeping in mind a recent throwback, the pair is likely to depreciate. However, technical indicators on a 4H chart are suggesting pair's appreciation, while slight majority of pending orders in a 100-pip range are placed to buy the single currency against the Pound. Nevertheless, not later than on February 6 the pair will perform an upside or downside rally and will not be trading in pattern's boundaries.
© Dukascopy Bank SA
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