Trade of the Day: EUR/GBP

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ChartViper Trade of the Day

EUR/GBP 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 5-bar level – which is the result of the below-average Initial Trend and Uniformity (4 bars) and strong Clarity (8 bars). EUR/GBP is expected to rise further inside this Up Channel.

As can be seen from the daily GBP/USD chart below – the pair earlier reversed down from the strong resistance zone located between the resistance level 1.2525 (which has been reversing the price from the start of April) and the upper daily Bollinger Band. The proximity of this resistance zone and the triple bearish divergence on the daily Stochastic increase the probability GBP/USD will continue to fall inside this Flag.

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