Technical Traders Eye EUR/GBP Breakout from Classic Wedge Formation

EUR/GBP has been trading with remarkable technical clarity over the past two weeks, making it one of the more structured charts on the board right now. The pair remains in a steady uptrend, consistently respecting classical chart patterns — a sign that technical traders are in control.

The current price action shows a clear sequence of trend continuation formations. The initial uptrend was temporarily halted by a pennant pattern on the left side of the chart. That was followed by a wedge in the middle of the move, and now we’re seeing a new wedge formation developing at the top of the current leg.

Wedges are typically continuation patterns, and in this context, the setup suggests a potential bullish breakout ahead. As long as the structure holds, the momentum remains with the bulls.

A daily close above the upper boundary of the wedge would act as a technical confirmation and generate a buy signal, signaling a likely continuation of the broader uptrend.

On the flip side, if the price closes below the lower boundary, that would invalidate the bullish setup and turn the outlook short-term bearish. However, given the strength of the trend and the pattern’s characteristics, that scenario currently seems less probable.

For now, EUR/GBP is offering a clean, low-noise technical setup — ideal conditions for those trading with structure and discipline.

Source: https://www.axiory.com/analytics/technical-analysis/technical-traders-eye-eur-gbp-breakout-from-classi