EURGBP Technical Analysis 27 October, 2021

• EURGBP reversed from support level 0.8415
• Likely to rise to resistance level 0.8475

EURGBP currency pair continues to rise after the price reversed up from the key support level 0.8415 (which stopped the previous sharp impulse wave (i) earlier this month, as can be seen from the daily EURGBP chart below)).The upward reversal from this support level stopped the earlier short-term impulse wave (iii).

Given the strongly bearish sterling sentiment seen across the FX markets today and the bullish divergence on the daily Stochastic indicator, EURGBP currency pair can be expected to rise further toward the next resistance level 0.8475 (top of the previous correction (ii)).

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