EUR/GBP 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After touching the 0.79 level for the second time this month EUR/GBP started to form Ascending Triangle pattern, later bouncing towards the weekly R1 at 0.8040. At the moment; however, the pair is sliding towards the pattern's support around the major level at 0.80. The majority of the shorter term technical studies are bullish, thus a break-out to the upside seems more likely than a move in a different direction. Nevertheless, probably the pair will approach the pattern's support before breaching the resistance and weekly R1. The majority of the SWFX traders also expect a bullish break-out, as 55.54% of them have opened long positions on the pair.
© Dukascopy Bank SA
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