EUR/GBP 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
An ascending triangle directed EUR/GBP movements up until the violation of the bottom trend-line at 0.8794 that took place on Wednesday. We look for the pair to slip to 0.8744/40 just after it completes the correction in progress. The rate could reach the broken line circa 0.8840 with the help of SMA pressures from beneath. On a larger scale, EUR/GBP could revisit September lows at 0.8603 if the slide goes smoothly. The first level that would open up some more bearish potential lies at 0.8803/0.8807 with a significant cluster at 0.8798/92 further down. Meanwhile, the SWFX trader sentiment signals the pair to be notably oversold, showing just 26% of bullish positions outstanding.
© Dukascopy Bank SA
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