Dukascopy Bank Team
Dukascopy Bank SA
GBP/USD 1H Chart: Channel Down
Comment: GBP/USD has been following a bearish trend since mid- July when one of the most traded currency pairs attained 1.7192, the highest level since at least 2009. As a result, the currency couple shaped a 188-bar long channel down pattern, inside which it is trading at the moment.
Now the pair is vacillating between the 50-hour SMA at 1.6982 and a one-month low of 1.6963. It is hard to determine the future direction of the pair given neutral sentiment on the SWFX. Meanwhile, technical data alludes the pair may preserve its downside trend, sending ‘sell’ signals for short and long terms.
EUR/TRY 1H Chart: Double Bottom
Comment: A day earlier we examined a descending triangle pattern shaped by EUR/TRY; this time we are going to look at another formation – double bottom pattern shaped by the same instrument.
Despite having bottomed out twice, the pair failed to reach the neck-line at 2.8286 during its rebound after the second drop. At the moment, the pair is located above the 50-hour SMA at 2.8177, albeit slightly and according to the SWFX numbers, the pair is not likely to perform a breakout soon – over 90% of market players bet on depreciation of the pair in the hours to come.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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