• EURGBP reversed from powerful support level 0.8875
• Likely to rise to 0.8950
EURGBP currency pair recently corrected up from the powerful support level 0.8875 (which has been repeatedly reversing the price from the end of May, as can be seen form the daily EURGBP chart below) standing close to the lower daily Bollinger Band. The upward reversal from the support level 0.8875 stopped the previous minor impulse wave (c) from the end of December – which belongs to the medium-term downward ABC correction 2 from last month.
Considering the strength of the nearby support level 0.8875 – EURGBP can be expected to rise further toward the next resistance level 0.8950 (former support from the end of December – which stopped the (a)-wave of the earlier ABC correction 2).