EUR/GBP continues to rise inside the 15-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the below-average Initial Trend and Uniformity (4 bars) and strong Clarity (8 bars). 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 key support level 0.8570 (former strong resistance from the middle of 2022, which also previously reversed the price multiple times at the end of last month), standing near the lower weekly Bollinger Band and the 61.8% Fibonacci correction of the weekly uptrend from the start of 2022. The proximity of these support levels adds to the probability EUR/GBP will continue to rise inside this Up Channel.