EURGBP currency pair recently reversed up from the support area lying between the key support level 0.83350 (which stopped the previous sharp downward impulse wave (i) at the end of February) and the lower daily Bollinger Band. The upward reversal from this support area is likely to form the daily Japanese candlesticks reversal pattern Bullish Engulfing – if the pair closes today near the active levels. With the strongly bearish sterling sentiment seen across the currency markets today – EURGBP currency pair can be expected to rise further in the active impulse wave (i) toward the next resistance level 0.86000 – followed by the resistance level 0.86400 (top o wave (b)).
