EURGBP currency pair recently reversed down from the resistance area located between the strong resistance level 0.84500 (former strong support from December), upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from December. The downward reversal from the resistance area is likely to form the daily candlesticks reversal pattern Shooting Star.
Given the strength of the aforementioned resistance area and the bullish sterling sentiment seen across the FX markets today, EURGBP currency pair can be expected to fall further toward the next support level 0.83650.
