Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images
EURGBP recently reversed up from the support area lying between the pivotal support level 0.8500 (which has been reversing the price from the middle of March) and lower daily Bollinger Band.
The upward reversal from this support area is likely to create the daily Japanese candlesticks reversal pattern Morning Star – similar to the one the pair created at the end of last month.
EURGBP is expected to rise further and re-test the next resistance level 0.8650 (top of the previous correction (ii)).
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