EURGBP Wave Analysis – 12 May, 2020

• EURGBP reversed from support area
• Likely to rise to 0.8865

EURGBP recently reversed up from the support area lying between the support level 0.8680 (monthly low from April), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous upward impulse from February.

The upward reversal from this support area started the active short-term impulse wave C.

EURGBP is expected to rise further toward the next resistance level 0.8865 (top of the previous waves (iv) and (b) and the target for the completion of the active sub-impulse (i)).