Given the strength of the support level 0.8500 and the clearly bearish sterling sentiment that can be seen across the FX markets today, EURGBP currency pair can be expected to rise further
– EURGBP reversed from the powerful support level 0.8500
– Likely to rise to resistance level 0.8570
EURGBP currency pair recently reversed up from the powerful support level 0.8500, which has been repeatedly reversing the price from July of 2023, as can be seen from the daily EURGBP chart below. The support level 0.8500 was strengthened by the lower daily Bollinger Band. The price earlier made the 3 consecutive Japanese candlesticks reversal patterns near this support level – starting with the daily Bullish Engulfing in last July, then the daily Hammer in August and most recently – the Bullish Engulfing in February.
Given the strength of the support level 0.8500 and the clearly bearish sterling sentiment that can be seen across the FX markets today, EURGBP currency pair can be expected to rise further toward the next resistance level 0.8570, which stopped the 3 of the previous minor corrections in February – iv, ii and i.
