EURGBP Wave Analysis – 04 April, 2019

EURGBP reversed from support area

Further gains are likely

EURGBP recently reversed up from the support area lying between the pivotal support level 0.8500 (which has been reversing the price from the middle of March) and lower daily Bollinger Band.

The upward reversal from this support area is likely to create the daily Japanese candlesticks reversal pattern Morning Star – similar to the one the pair created at the end of last month.

EURGBP is expected to rise further and re-test the next resistance level 0.8650 (top of the previous correction (ii)).

Source: FxPro