• EURGBP reversed from support area
• Likely to rise to resistance level 0.8670
EURGBP currency pair recently reversed from the support area lying between the key support level 0.8550 (which stopped the previous sharp downward impulse wave (C) at the end of February, as can be seen from the daily EURGBP chart below) and the lower daily Bollinger Band. The upward reversal from this support area started the active medium-term upward impulse sequence (3).
With the strongly bearish sentiment affecting the sterling at the moment – as the covid-19 cases have started to rise again in UK – EURGBP currency pair can be expected to rise further toward the next resistance level 0.8670 (top of the B-wave of the previous ABC correction (2) from the end of February).