Trade of the Day: EUR/GBP

By: Dima Chernovolov
EUR/GBP continues to fall inside the 15-minute Down Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triagle at the 4-bar level – which is the result of the below-average Initial Trend (4 bars), lower Uniformity (3 bars), and lower Clarity (2 bars). EUR/GBP is expected to fall further inside this Down Channel.

As can be seen from the daily EUR/GBP chart below – the price recently broke below the key support level 0.8290 (previous monthly low from February). This price level is acting as the resistnace level after it was broken. The proximity of this resistnace level and the clear daily downtrend increase the probability EUR/GBP will continue to fall inside this Down Channel .