EUR/GBP 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/GBP surpassed its 200-bar SMA on August 13, reaching a two-week high; however, this move substantially enfeebled the pair that started a long-term downside trend on August 28. EUR/GBP formed a double bottom pattern by dropping to almost seven-month low on Sep 18 but bouncing off this level to hit a formidable resistance at 0.8465 that sent the pair again to the seven-month low of 0.8332, the level that created a buying pressure thus pushing the pair to the up-trend resistance sitting at 0.8465. If the pair overcomes the up-trend resistance, it is likely to start a rally as a break-out from resistance of the double bottom pattern often provides an impulse for appreciation of the pair.
© Dukascopy Bank SA
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