Given the strength of the support level 0.8475, oversold daily Stochastic and the predominantly bullish euro sentiment seen across the FX markets today coupled with moderate sterling outflows, EURGBP currency pair can be expected to rise to the next resistance level 0.8550.
- EURGBP reversed from support area
- Likely to rise to resistance level 0.8550
EURGBP currency pair recently reversed up from the support area between the key support level 0.8475 (former monthly high from January, which stopped the previous impulse wave 1, as can be seen from the daily EURGBP chart below) and the 50% Fibonacci correction of the upward impulse wave from the end of February. The upward reversal from this support area stopped the previous impulse wave i – which belongs to the C-wave of the ABC correction (2) from the start of April.
Given the strength of the support level 0.8475, oversold daily Stochastic and the predominantly bullish euro sentiment seen across the FX markets today coupled with moderate sterling outflows, EURGBP currency pair can be expected to rise to the next resistance level 0.8550.
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