EUR/GBP 1H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pattern EUR/GBP is currently forming indicates growing demand for the Euro. The key resistance in this case is thus 0.8420. At the same time, the rally is suggested by the positioning of the SWFX market participants: 38% of positions are long and 62% are short.

The problem with the bullish outlook is the supposed supply area circa 0.8440, created by the 13-month up-trend. This line was broken in the first half of July, but in mid-July the price fell beneath this resistance once again. This means that the bias will remain negative as long as both these levels are intact. If both obstacles are nevertheless overcome, the rate will likely target 0.86.
© Dukascopy Bank SA
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