LeoPrime Daily Market Analysis

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EURGBP reversed from support 0.84000; Likely to rise to resistance level 0.84800.


EURGBP currency pair recently reversed up from the support zone lying between the key support level 0.84000 (which stopped wave 4 in May), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from March. The upward reversal from the support level 0.84000 stopped the earlier waves (i) and C. Given the strength of the support level 0.84000 and the oversold reading on the daily Stochastic, EURGBP can then be expected to rise toward the next resistance level 0.84800 (high of the previous two trading sessions).

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