Daily Forex Update: EUR/GBP

By: Dima Chernovolov

EUR/GBP continues to rise inside the well-formed Rising Wedge chart pattern was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Rising Wedge at the 8 bar level – which reflects the significant Initial Trend (7 bars) and strong Uniformity and Clarity (both rated at the 8 bar level). EUR/GBP is expected to rise inside this Rising Wedge – continuing the earlier upward reversal from the support area described below.

As can be seen from the daily EUR/GBP chart below, the price earlier reversed up from the support zone lying between the support level 0.8600 and the upper trendline of the recently broken multi-month Descending Triangle from last September (acting as support after it was broken). The proximity of this support area increases the probability EUR/GBP will continue the upward movement inside this Rising Wedge.

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