GBP/USD 1H Chart Emerging Pattern: Channel Down

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EUR/GBP 4H Chart

Emerging Pattern: Channel Down

EUR/GBP has formed a Channel Down pattern on the 4H chart. The pattern has 60% quality and 87% magnitude in the 225-bar period.

The pattern began on 26th of February when the pair dipped to 0.8577; at the moment it is trading close to the daily pivot (PP) at 0.8514. Trading volume seems to have increased lately. Technical indicators on aggregate point at appreciation of the pair on 1D and 1W horizons. Long traders could focus on the 20-day SMA/20 and 200-bar SMAs/daily pivot (R1) at 0.8528/40, daily pivot (R2) at 0.8560, Bollinger band at 0.8572, daily pivot (R3) at 0.8581 and pattern’s resistance at 0.8591.

Technical indicators on aggregate point at depreciation of the pair on 4H horizon suggesting it should continue moving towards the pattern’s support. Short traders could focus on the 100-day SMA/Bollinger band/daily pivot (S1) at 0.8508/499 and daily pivots at 0.8477 (S2) and 0.8457 (S3).


GBP/USD 1H Chart

Emerging Pattern: Channel Down

Within the last 186 trading hours the Cable was respecting the 200-bar SMA, but inconsistently—the price action was mainly defined by two downward-sloping trend-lines that have already been confirmed as reliable on several occasions. Just recently the price has encountered the upper edge of the channel, implying soon development of a bearish wave, though the traders seem to be undecided with respect to the future direction of the price, 52% of them are long on it and 48% are short.


HKD/JPY 1H Chart

Emerging Pattern: Ascending Triangle

During April the price has made several unsuccessful attempts to climb over the resistance at 12.8581, resulting in the formation of the Ascending Triangle on a 1H chart. However, a notable majority (71%) of market participants see the currency pair as capable of mounting 12.8581 and continuing the upward tendency.


USD/SGD 1H Chart

Emerging Pattern: Channel Up

Past 112 bars were in general bullish for the currency pair; nonetheless, SWFX marketplace participants believe that the price will decline by pushing through the lower rising trend-line it is testing right now, being that 74% of them are holding short positions at the moment. Technical indicators, on the other hand, do not give a clear outlook by giving mixed signals.