EUR/GBP 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the fact that EUR/GBP failed to sustain upward momentum after hitting 0.7420, we retain a bullish outlook. The main reason is formation of a triangle, a continuation pattern, and the period Aug 19-24 was bullish for the Euro. Once breached to the upside, the figure implies a 140-pip move, but we must take into account resistances at 0.7364 and 0.7424. The latter is formed by the weekly R2 and Aug 24 high.
At the same time, a close below 0.7310 should lead to a sell-off down to 0.7190, where the weekly pivot point meets the long-term moving average. In the meantime, the traders are sceptical of a rally, being that 57.5% of all open positions are short.
© Dukascopy Bank SA
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