• EURGBP reversed from long-term support level 0.8875
• Likely to rise to 0.8950
EURGBP currency pair continues to rise after the price broke reversed up sharply from the major long-term support level 0.8875 (which has been reversing the price from the end of May) – intersecting with lower daily Bollinger Band. The upward reversal from the support level 0.8875 stopped the previous medium-term ABC correction (2) from the start of September. If the pair closes today near the current levels it will form the daily Morning Star.
Given the strength of the aforementioned support level 0.8875 and the rising sterling bearishness on weak retail sales data for December which has been published recently – EURGBP is likely to rise further toward the next resistance level 0.8950 (former support from the end of December).