Trade of the Day: EUR/GBP

EUR/GBP continues to rise inside the daily Down Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 7-bar level – which is the result of the strong Initial Trend (8 bars), average Uniformity (5 bars) and near-maximum Clarity (9 bars). EUR/GBP is expected to rise further inside this Down Channel.

As can be seen from the daily EUR/GBP chart below – the pair earlier reversed up from the support area located between the key support level 0.8500 (former multi-month low from July) and the lower daily Bollinger Band. The proximity of this support zone adds to the probability EUR/GBP will continue to rise inside this Down Channel.