EURGBP currency pair recently reversed down from the long-term resistance level 0.85900 (which has been reversing the price from the start of November) – strengthened by the upper daily Bollinger Band. The downward reversal from the resistance level 0.85900 stopped the
earlier intermediate impulse wave (C) from the middle of April.
Given the strength of the resistance level 0.85900 and the bullish sterling sentiment seen across the FX market today – EURGBP currency pair can be expected to fall further toward the next support level 0.85000 (previous multi-month high from March).