Trade of the Day: EUR/GBP

EUR/GBP continues to rise inside the hourly Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 3-bar level – which is the result of the slow Initial Trend (1 bar) and strong Uniformity (9 bars). EUR/GBP is expected to rise further inside this Rising Wedge.

As can be seen from the daily EUR/GBP chart below – the pair earlier reversed up from the support area located between the support level 0.8500 (previous monthly low from July) and the lower daily Bollinger Band. The proximity of this support area and the oversold daily Stochastic increase the probability EUR/GBP will continue to rise inside this Rising Wedge.