GBP/USD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling is forming a descending triangle pattern against the US Dollar, as the currency exchange rate has just once more confirmed the pattern's upper trend line around the level of 1.32. At the moment, the pair is moving lower, as it struggles with the 200-hour SMA. As the Cable will move lower and reach the pattern's lower trend line, it will most likely break out and aggressively become bearish. In the meantime, daily aggregate technical indicators support the forecast, as a surge in the next four hours is expected, and on a daily timeframe the Pound will depreciate against the Greenback. In addition, SWFX market sentiment is 52% long, which shows that there is enough room for a downward movement.
© Dukascopy Bank SA
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