Forex Trading Tips 25 October 2012

EUR/GBP today broke the 4-hour Up Channel chart pattern identified by Autochartist.

The .Forex Trading Tips

Quality of this Up Channel is measured at the 7 bar level. The values of all the contributing Quality indicators (Initial Trend, Uniformity and Clarity) stand at the high 9 bar level. This Breakout continues the predominant downtrend visible on the daily and the weekly EUR/GBP charts. Point C on the chart below formed when EUR/GBP turned down from the resistance area consisting of the resistance level 0.8150, 50% Fibonacci Correction of the previous downward price thrust from February and the upper weekly Bollinger Band.

EUR/GBP is expected to decline further toward the Forecast Price 0.8017