By: Dima Chernovolov

EUR/GBP continues to rise inside the Clear Up Channel chart pattern which was previously identified by Autochartist on the hourly charts. Autochartist rates the quality of this Up Channel at the 6-bar level – which reflects the average Initial Trend (5 bars), higher Uniformity (6 bars) and significant Clarity (rated at the 8 bar level). EUR/GBP is likely to rise further inside this Up Channel in line with the earlier breakout of the powerful resistance level shown below.

29082017dailyfximage1

As can be seen from the weekly EUR/GBP chart below, this Up Channel is aligned with the sharp weekly upward impulse which earlier broke through the strong resistance level 0.9140 (which stopped and reversed the previous sharp uptrend at the end of 2016). This price level is acting as support after it was broken. The proximity of this support level and the rising weekly CCI – both add to the likelihood EUR/GBP will continue to rise inside this Up Channel.

29082017dailyfximage2

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

2 Likes
1681 Views

You may also like

Leave A Comment

Please enter your name. Please enter an valid email address. Please enter message.