Daily Forex Update: EUR/GBP

By: Dima Chernovolov

EUR/GBP continues to fall inside the clear Falling Wedge chart pattern which was recently identified by Autochartist on the 15-minute charts. Autochartist rates the quality of this Falling Wedge at the 7-bar level – which is the result of the sharp Initial Trend (10 bars), low Uniformity (one bar) and maximum Clarity (10 bars). EUR/GBP is expected to fall further inside this chart pattern – in line with the earlier downward reversal from the resistance area shown below.

23102017dailyfximage1

As can be seen from the daily EUR/GBP chart below, the price earlier reversed down from the resistance area lying between the round resistance level 0.9000 (which also reversed the price with the daily Shooting Star earlier this month), upper daily Bollinger Band and the 50% Fibonacci retracement of the previous downward impulse from August. The proximity of this resistance zone increases the probability EUR/GBP will continue to decline inside Falling Wedge.

23102017dailyfximage2

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