Daily Forex Update: EUR/GBP

By: Dima Chernovolov

EUR/GBP continues to rise inside the clear hourly Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 4-bar level – which is the result of the slow Initial Trend (2 bars), average Uniformity (5 bars) and higher Clarity (6 bars). EUR/GBP is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the of the key support area shown below.

As can be seen from the daily EUR/GBP chart below, the bottom of this Up Channel formed when the price reversed up from the key support area located between the major support level 0.8720 (which has been reversing the price from May), lower daily Bollinger Band and the support trendline of the daily down channel from August.  The proximity of this support zone increases the probability EUR/GBP will continue to rise inside this Up Channel.

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