Daily Forex Update: EUR/GBP
By: Dima Chernovolov
EUR/GBP continues to rise inside the hourly Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the strong Initial Trend (8 bars), average Uniformity (5 bars) and lower Clarity (4 bars). EUR/GBP is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support area shown below.
As can be seen from the weekly EUR/GBP below, the pair recently reversed up from the key support area lying between the support level 0.8660 (monthly low from November) and the lower weekly Bollinger Band. The proximity of this support area and the bullish divergence on the weekly Stochastic indicator increase the probability EUR/GBP will continue to rise inside this Up Channel.
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