EUR/GBP 30M Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/GBP proved the downtrend unsustainable, exiting the falling wedge it had followed for two weeks to the upside. The pair has elevated above a red Ichimoku cloud and now faces resistance at 0.8443 and 0.8451/52 with more risk at 0.8467. The current dive cap lies at 0.8579 and it could come into play if the rate manages to climb as high. In case the pair still requires a retracement, it could execute a slip towards the broken trend-line at 0.8386. With the 100-period SMA impacting the pair's movements before, supply could cause a distraction at 0.8412.
© Dukascopy Bank SA
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