© Dukascopy Bank SA
Right now the Sterling is probing the February low at 154.76 in its pair with the haven currency. Given that the high-quality triangle pattern was confirmed as expected on Friday, the outlook is now strongly bearish with respect to GBP. Initial testing of the mentioned historical level might prove difficult for the bears; however, ultimately it is massively exposed to more bearish pressure. The bulls may additionally rely on the second monthly support at 152.80, but a failure down there should result in a long-term retreat below 150. At so low levels the pair has not traded since mid-2013. As for the SWFX's gap between the bulls and bears, it amounts to 22% in favour of the former.
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