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.
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.
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