• EURGBP reversed from the support area
• Likely to rise to resistance level 0.8745
EURGBP currency pair recently reversed up from the support area lying between the support level 0.8600 (former resistance from the start of 2020) and the lower daily Bollinger band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer Doji – which formed the daily Morning Star. The upward reversal from this support area stopped the previous impulse waves 5 and (C).
Having recently broken the daily down channel December – EURGBP currency pair is likely to rise further toward the next resistance level 0.8745 (former support level which stopped the previous minor impulse wave 3 at the start of February).
