Daily Forex Update: EUR/GBP

By: Dima Chernovolov

EUR/GBP continues to rise following the earlier breakout of the Key Resistance Level 0.8632, which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the significance of this Resistance level at the 3-bar level – which is the result of the three recent price reversals from this price level. The breakout of this Key Resistance level continues the strong uptrend visible on the daily EUR/GBP charts. The pair is likely to rise to the forecast price 0.8782.

As you can see from the PowerStats chart below, most of the daily Expected Price Range calculated by Autochartist for this currency pair (form 0.8617 to 0.8749) stands above the broken Key Level 0.8632 – which adds to the probability the price will continue to rise toward the forecast price 0.8782 tomorrow.

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