Daily Forex Update: EUR/GBP

By: Dima Chernovolov

EUR/GBP has been rising sharply in the last few trading sessions – following the earlier breakout of the high-quality daily Down Channel chart pattern which was previously identified by Autochartist. The overall Quality of this chart pattern is measured at the 9 bar level – which reflects strong Initial Trend  (10 bars) and significant Uniformity and Clarity (measured at the 8 and 9 bar levels respectively). EUR/GBP is expected to rise to the Forecast Price 0.7986 in the nearest time – which is also confirmed by the PowerStats analysis show below.

As can be seen from the PowerStats chart below – the upper boundary of the daily Expected Price Range calculated by Autochartist for EUR/GBP (0.7997) stands within a few pips of the Forecast Price calculated for the breakout of this Down Channel (0.7986) – which increases the probability the price will soon reach this target level.

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