Daily Forex Update: EUR/GBP

By: Dima Chernovolov

EUR/GBP continues to rise inside the clear 30-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which is the result of the sharp Initial Trend (10 bars), low Uniformity (2 bars) and strong Clarity (7 bars). EUR/GBP is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support zone shown below.

As can be seen from the daily EUR/GBP chart below, the price earlier reversed up from the support zone lying between the strong support level 0.8750 (which has been reversing the price from last July), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward price impulse from May.  The proximity of this support area increases the probability EUR/GBP will continue to rise inside this Up Channel.

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