• EURGBP under the bearish pressure
• Likely to fall to support level 0.8530
EURGBP currency pair under the bearish pressure today after the price reversed down from the combined resistance zone located between the key resistance level 0.8650 (which has been reversing the pair from the end of May), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse from April. The downward reversal from this resistance zone started the active impulse wave 3.
Given the strong bullish sterling sentiment seen across the FX markets today, EURGBP currency pair can be expected to fall further toward the next support level 0.8530 (which has been reversing the price from the middle of September).
