By: Dima Chernovolov
GBP/USD continues to rise inside the daily Up Channel chart pattern which was previously identified by Autochartist. Autochartist measures the quality of this Up Channel at the 6-bar level – which is the result of the slow Initial Trend (3 bars) and strong Uniformity and Clarity (both rated at the 8 bar level). GBP/USD is expected to rise further inside this Up Channel – in line with the earlier uwpard reversal from the support area shown below.
As can be seen from the daily GBP/USD chart below, the price earlier reversed up from the support area located between the key support level 1.3300 (former resistance level from November) and the 50% Fibonacci correction of the previous upward price move from the start of November. The proximity of this support area increases the probability GBP/USD will continue to rise inside this Up Channel.
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