• EURGBP reversed from the support zone
• Further gains likely toward 0.9180
EURGBP recently reversed up from the combined support zone lying at the intersection of multiple support levels – support trendline from May, lower daily Bollinger Band, 61.8% Fibonacci correction of the previous upward impulse from the end of July and the key support level 0.9050 (former multi-month resistance level from
December, January and July). The upward reversal from this support area created the daily Japanese candlestick reversal pattern Piercing Line – which started the active short-term corrective wave B. EURGBP is expected to extend the gains toward the next round resistance level 0.9180 (top of the previous short-term correction (ii) from the middle of August).
