Trade of the Day: GBP/USD

GBP/USD 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 7-bar level – which is the result of the medium Initial Trend (5 bars), significant Uniformity (7 bars) and strong Clarity (9 bars). GBP/USD is expected to rise further inside this Up Channel.

As can be seen from the daily GBP/USD chart below – the pair earlier reversed up from the support zone lying between the key support level 1.2840 (former monthly high from June), support trendline of the daily up channel from May and the lower daily Bollinger Band. The proximity of this support zone and the clear daily uptrend increase the probability GBP/USD will continue to rise inside this Up Channel.