EUR/GBP 4H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro/Pound currency pair is currently moving in the direction of the lower boundary of the rising wedge pattern. However, for some time the pair was not able to cross the monthly pivot point at 0.7953, but eventually breached it to the downside. We expect the pair to reach the major level and lower trend-line at 0.7899, before making it to the upside, as more than 61% of all positions are long at the moment. Technical indicators, in general, support the idea of reaching the pattern's support line in the foreseeable future. Among considerable demand areas, the pair will have to cross the weekly S1 support at 0.7919 to near the major level.
© Dukascopy Bank SA
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