LeoPrime Daily Market Analysis

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EURGBP reversed from key support level 0.84100; Likely to rise to resistance level 0.84000;

EURGBP currency pair recently reversed up from the key support level 0.84100 (low of the previous minor impulse wave (i)) – standing close to the lower daily Bollinger Band. The upward reversal from the support level 0.84100 created the daily Japanese candlesticks reversal pattern Bullish Engulfing (highlighted below). Given the strength of the support level 0.84100 and the rising euro bullishness seen across the FX markets today – EURGBP currency pair can be expected to rise further toward the next resistance level 0.84000.

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