EURGBP currency pair can be expected to rise to the next resistance level 0.8360 (which stopped earlier wave ii).
– EURGBP reversed from support level 0.8265
– Likely to rise to resistance level 0.8360
EURGBP currency pair recently reversed up sharply from the pivotal support level 0.8265 (which stopped the previous minor impulse wave i at the start of November, as can be seen from the weekly EURGBP chart below) coinciding with the lower daily Bollinger Band. The upward reversal from the support level 0.8265 created the daily Japanese candlesticks reversal pattern Long-legged Doji. The upward reversal from the support level 0.8265 stopped the previous minor impulse wave iii of the higher impulse waves 3 and (C), as can be seen below.
Given the strongly bullish euro sentiment seen across the FX markets, the strength of the support level 0.8265 and the bullish divergence on the daily Stochastic, EURGBP currency pair can be expected to rise to the next resistance level 0.8360 (which stopped earlier wave ii).
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