By: Dima Chernovolov
EUR/GBP continues fall inside the daily Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (2 bars), average Uniformity (5 bars) and higher Clarity (8 bars). EUR/GBP is expected to rise further inside this Up Channel – in line with the recent upward reversal from the support area shown below.
As can be seen from the daily EUR/GBP chart below, the price recently reversed up from the support zone lying between the key support level 0.8900, 38.2% Fibonacci correction of the upward impulse and the support trendline of the longer-term up channel from June. The proximity of this support zone increases the probability EUR/GBP will continue to rise inside this Up Channel.
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