Daily Forex Update: EUR/GBP

By: Dima Chernovolov

EUR/GBP continues to rise inside the clear Up Channel chart pattern was previously identified by Autochartist on the 4-hour charts. Autochartist measures the Quality of this Up Channel at the 5 bar level – which is the result of the low Initial Trend (2 bars), above-average Uniformity (6 bars) and significant Clarity (8 bars).  EUR/GBP is expected to rise inside this Up Channel – following the earlier breakout of the key level resistance shown below.


As you can see from the daily EUR/GBP chart below, the price earlier broke above the key resistance level 0.8770 (which also previously stopped the sharp upward impulse wave at the start of March).  The breakout of the resistance level 0.8770 was preceded by the breakout of the extended daily Descending Triangle – which strengthened the bullish pressure on this currency pair. The sharpness of the active daily impulse wave increases the probability EUR/GBP will continue to rise inside this Up Channel.


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