Daily Forex Update: EUR/GBP

By: Dima Chernovolov

EUR/GBP continues to rise after the earlier breakout of the Uniform Triangle chart pattern which was previously identified by Autochartist on the hourly EUR/GBP charts. Autochartist rates the Quality of this chart pattern at the 6-bar level – which reflects the low Initial trend (3 bars), high Uniformity (10 bars) and significant Clarity (9 bars).  Higher Uniformity and Clarity increase the visibility of this chart pattern to the market participants. EUR/GBP is likely to rise to the forecast price 0.8443.

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As you can see from the daily EUR/GBP chart below, the bottom of this Triangle formed when the pair reversed up from the strong support zone lying between the support level 0.8220, 38.2% Fibonacci correction of the previous upward impulse from June and the upper trendline of the recently broken daily up channel from November.  The proximity of this support zone heightens the probability EUR/GBP will continue to rise in the nearest time.

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