Autochartist has recently identified the high Quality Down Channel chart pattern on the daily EUR/GBP charts. The overall Quality of this chart pattern is rated at the 8 bar level as a result of the strong Initial Trend (measured at the 7 bar level), higher Uniformity (8 bars) and near maximum Clarity (9 bars). The bottom of this Down Channel (point D on the chart below) formed when the pair reversed up from the strong support level 0.8220 (which had previously reversed the pair sharply up during the 2010 and also at the start of this year, as is shown on the second chart below). The pair is exacted to correct up to the upper resistance trendline of this chart pattern in the nearest time.
The following daily EUR/GBP chart shows the previous price action close to the support level 0.8220:
For further information on this and other Autochartist products visit www.autochartist.com