Sasha Singh
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EUR/GBP : Showing Downtrend Bias

On the hourly chart of EURGBP, it seems like the pair is getting ready another downward rally as the pair is consolidating within a symmetrical triangle. Although the pair might breakout in any direction once it reaches the apex, but the bias is toward the downward direction. As it is preceded by the bearish trend the pair should break below the support trend line. From the stochastic oscillator we can see that the signal line is above the moving average line thus giving a bearish signal.