Daily Forex Update: EUR/GBP

By: Dima Chernovolov

EUR/GBP continues to rise inside the long-term Up Channel chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the quality of this Up Channel at the 5-bar level – which reflects the slow Initial Trend (2 bars), low Uniformity (3 bars) and near-maximum Clarity (9 bars). EUR/GBP is expected to rise further inside this Up Channel – in line with the earlier upward reversal from the support zone highlighted below.

As can be seen from the daily EUR/GBP chart below, the price earlier reversed up from the support area lying between the multi-month support level 0.8760 (former strong resistance from March, which has been steadily reversing the pair from June) and the 50% Fibonacci correction of the upward price impulse from April. The proximity of this support area increases the probability EUR/GBP will continue to rise inside this Up Channel.

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