There is an increased / increasing possibility that a Saffron democratic revolution will break out in Myanmar.
Should I use 'increased' or 'increasing'?
Either, depending on what you mean. If the possibility has been increasing for some time, then it is now increased (in relation to some previous level). That doesn't mean that it is not increasing any more though. So you choose. You could even say 'There is an increased - and increasing - possibility...'