By: Dima Chernovolov
EUR/GBP recently broke the hourly Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Triangle at the 5-bar level – which is the result of the medium Initial Trend (5 bars), lower Uniformity (3 bars) and strong Uniformity (8 bars). EUR/GBP is expected to rise toward the forecast price 0.8714 – in line with the earlier upward reversal from the powerful support area shown below.
As can be seen from the weekly EUR/GBP below, the pair recently reversed up from the combined support area lying between the support levels 0.8620, 0.8660 (which have been reversing the price from the start of 2018) and the lower weekly Bollinger Band. The proximity of this support area and the oversold reading on the weekly Stochastic increase the probability EUR/GBP will continue to rise toward the forecast price 0.8714.
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