EUR/GBP continues to fall after the recent Breakout of the well-formed Up Channel chart pattern identified by Autochartist on the 4-hour charts. Autochartist rates the overall Quality of this Up Channel at the 7 bar level. All the contributing Quality indicators (Initial Trend, Uniformity and Clarity) are rated at the near-maximum 9 bar level. This Breakout is aligned with the prevailing downtrend that can be seen on the daily and the weekly EUR/GBP charts. The top of this Up Channel (point C on the chart below) was formed when the pair reversed down from the strong resistance area made out of the resistance level 0.8150, the 50% Fibonacci Retracement of the preceding downward price impulse from February of this year as well as the upper weekly Bollinger Band. The pair is expected to fall further in the direction of the Forecast Price 0.8017 in the nearest time.
The weekly EUR/GBP chart below shows the aforementioned resistance levels running close to the top of this Up Channel:
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