EUR/GBP 1H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the Pound has stagnated in terms of growth against the Euro over the past week, it has therefore formed a double bottom pattern. As a result, we see the upside  pressure increasing in the nearest future and the outlook is positive precisely for the European single currency. However, technical studies are deeply mixed for the moment and give no signal to either acquire or sell EUR/GBP. This is because the Euro will have to deal with the pattern's upper border soon, which is boosted by the 200-hour SMA at 0.7650 from the north. A failure here would mean the cross is going to fall down and form a third valley. On the other hand, a spike here will refocus the market to the weekly R1 at 0.7715.
© Dukascopy Bank SA
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