• EURGBP reversed from resistance zone
• Likely to rise to resistance level 3175.00
EURGBP currency pair recently reversed down from the resistance area located between the multi-month resistance level 0.8600(which has been reversing he price from the middle of August), upper daily Bollinger Band and resistance trendline from the middle of April. The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Shooting Star which stopped the previous impulse waves 1 and (iii).
Given the clear daily downtrend and the bearish divergence on the daily Stochastic indicator, EURGBP currency pair can be expected to fall further toward the next support level 0.8500.