• EURGBP reversed from powerful resistance level 0.9141
• Likely to fall to 0.8980

EURGBP currency pair previously reversed down with the two consecutive downward reversal candlestick patterns Shooting Star from the powerful resistance level – 0.9141 (which has been repeatedly reversing the pair from the end of September), standing far above the upper daily Bollinger Band. The downward reversal from the resistance level started the active short-term correction (ii).

Given the strength of the resistance level 0.9141 and the earlier reversal of the bearish sterling sentiment into the positive territory on renewed hopes the Brexit deal can still be reached till the end of December – EURGBP can be expected to fall further toward the next support level 0.8980 (target price for the completion of the active short-term correction (ii)).