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.
To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.
For further information on this and other Autochartist products visit www.autochartist.com