EUR/GBP 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 147-bar long Double Bottom pattern was formed by EUR/GBP pair on August 28, however, the pattern is moving to its apex. On October 4 bulls made an unsuccessful attempt to penetrate the upper trend line, however, the pair moved back in pattern's boundaries. Despite a false breakout, the pair moved lower and according to aggregate technical indicators on 4H chart, it will continue depreciating. Moreover, stochastic on daily chart is also supporting the case of a dip close to recent low, which was lower than the previous one. As an alternative scenario, we might see a period of consolidation and a formation of rectangle.
© Dukascopy Bank SA
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