EURGBP Technical Analysis Report 24 November, 2020

  • EURGBP reversed from support area
  • Likely to rise to 0.9000

EURGBP earlier reversed up from the support area allocated between the long-term support level 0.8870 (former resistance from April, which has reversed all downward impulses of this currency pair from June) – standing near the lower daily Bollinger Band. The strength of the support level 0.8870 is also highlighted by the fact the the pair formed the daily Morning Star Doji near this support at the start of November.

Given the bearish sterling sentiment on UK’s government inability of properly handle the covid-19 epidemic – EURGBP is expected to rise further toward the next round resistance level 0.9000 (former top of the impulse wave (i)). Strong support remains at the support level 0.8870

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