Trade of the Day: EUR/GBP

By: Dima Chernovolov

EUR/GBP continues to rise inside the hourly Up Channel chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (1 bar), above-average Uniformity and Clarity (6 bars). G EUR/GBP is expected to rise further inside this Up Channel.

As can be seen from the weekly EUR/GBP chart below – the pair earlier reversed up from the major support area located between the multi-year support level 0.8308 (which has been reversing the pair from 2019) and the lower weekly Bollinger Band. The proximity of this support zone adds to the probability EUR/GBP will continue to fall inside this Up Channel.