EURGBP Wave Analysis – 25 January, 2019

• EURGBP reversed from support area
• Further gains are likely

EURGBP recently reversed up from the support area located between the support levels 0.8630 and 0.8670 -, strengthened by the lower daily Bollinger Band.

The upward reversal from this support area stopped the previous short-term impulse wave 3 – which belongs to the impulse wave (D) from the start of January.

Given the oversold value of the daily Stochastic indicator – EURGBP is expected to rise further and re-test the next resistance level 0.8700.