Rising Wedge on EUR/GBP

Rising Wedge on EUR/GBP

There is an interesting technical pattern on the EUR/GBP currency pair. At the moment, quotes are consolidating after a сontinuous rally. The local support and resistance levels are 0.91850 and 0.92500, respectively. A classic technical analysis figure of Rising Wedge (timeframe H1) has been formed in the trading instrument. We recommend paying attention to this situation.

The Rising Wedge figure often acts as a reversal formation. If the price fixes below 0.91850, the EUR/GBP currency pair is expected to correct. The closest target for profit taking is 0.91300-0.90900. The movement is tending to the "mirror" support level of 0.90400.

Alternative option. If the price fixes above 0.92500, you should look for entry points to the market to open long positions. The target level for profit taking is 0.93000-0.93250. When tracking a position, we recommend using a trailing stop.

by JustForex 2019.08.08

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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