• EURGBP reversed from support area
• Likely to rise to resistance level 0,8550
EURGBP currency pair recently reversed up from the support area located between the key support level 0.8470 (which stopped the sharp downtrend in April) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous extended downward impulse wave 5 from the end of April – which belongs to wave (C) from December.
Given the strength of the nearby support area and the rising bullish sentiment affecting the euro today – EURGBP currency pair can be expected to rise further toward the next resistance level 0,8550 (top of the previous minor correction (iv) from the end of July).