By: Dima Chernovolov
EUR/GBP continues rise 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 (one bar), above-average Uniformity (6 bars) and substantial Clarity (8 bars). EUR/GBP expected to rise further inside this Up Channel – in line with earlier previous breakout of the key resistance level shown below.
As can be seen from the daily EUR/GBP chart below, the pair recently broke above the pivotal resistance level 0.9030 (top of the previous impulse wave from the start of this month) – intersecting with the resistance trendline of the daily up channel from April. This price level is acting as a support level after it was broken. The proximity of this support level increases the probability EUR/GBP will continue to rise inside this Up Channel.
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