GBP/USD has just completed the high-quality Down Channel chart pattern on the daily chart. Autochartist rates the quality of this chart pattern at the near-maximum 9 bar level, which is the result of the high values of all the quality indicators that contribute to its value: Initial Trend (10 bars), Uniformity(8 bars) and Clarity(9 bars). The high Initial Trend value describes the sharp upward impulse that developed before this chart pattern and is continued by it. The previous upward impulse was also preceded by a much sharper, longer-lasting upward price thrust that was continued after the price bounced off its 38,2% Fibonacci Retracement (near the 1.5350 price level). This level also stopped the latest down correction and formed the bottom of this Down Channel. The price just broke thought the upper resistance line of this chart pattern with the Breakout whose strength is rated at the highest 10 bar level. The pair is expected to rise toward the Forecast Area set between price levels 1.6026 and 1.6416.
As you can see from the PowerStats chart below, all of the daily Expected Price Range for the GBP/USD (from 1.5708 to 1.5956) stands above the projected value of the upper resistance line of this Down Channel. This heightens the chances of that GBP/USD will continue to rise tomorrow.
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