Daily Forex Update: EUR/GBP

By: Dima Chernovolov

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

As can be seen from the daily EUR/GBP chart below, the price earlier reversed up from the support zone located between the multi-month support level 0.8740 (which has reversed the price multiple times from July) and the lower daily Bollinger Band. The proximity of this support zone increases the probability EUR/GBP will continue to rise inside this Up Channel.

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