Trade of the Day: EUR/GBP

EUR/GBP recently broke the hourly Down Channel chart pattern, which was recently identified by Autochartist. Autochartist measures the quality of this Down Channel at the 7-bar level – which is the result of the below-average Initial Trend (4 bars), low Uniformity (2 bars) and strong Clarity (8 bars). EUR/GBP is expected to rise toward the forecast price 0.8735.

As can be seen from the weekly EUR/GBP chart below – the pair earlier reversed up from the support zone located between the support level 0.8660, lower weekly Bollinger Band, support trendline of the weekly up channel from the start of 2022 and the 61.8% Fibonacci correction of the upward impulse from last year. The proximity of this support area adds to the probability EUR/GBP will continue to rise toward the forecast price 0.8735.