- EURGBP reversed from support level 0.8850
- Likely to rise to 0.9000
EURGBP continues to rise after the earlier sharp upward reversal from the support level 0,8850 (former monthly low form September) , standing near the lower daily Bollinger Band and the 61.8% Fibonacci correction level of the previous sharp upward impulse wave 1 from the end of April. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer Doji.
If the pair closes today above the Tuesdays’ high – it will also form the daily candlesticks reversal pattern Morning Star. With the growing sterling bearishness seen across the currency markets today – EURGBP 100 is expected to rise further in the active impulse wave (3) toward the next round resistance level 0,9000.