EUR/GBP 4H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching a four-month high in the end of July, the single currency followed a bearish trend against the Pound. The pair started to form an ascending triangle pattern in the last days of September and on October 1 the currency couple touched almost a ten-month low that gave the pair impulse to climb.
Currently, the pair is trading above its 50-bar SMA and may prolong its advance thus increasing the changes of the bullish breakout, especially given that the pair is not far away from the triangle apex. Although the looming breakout is likely to push the pair higher, market players are bearish on EUR/GBP; 52.50% of all positions are to sell the pair.
© Dukascopy Bank SA
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