EURGBP Wave Analysis 12 November, 2020

• EURGBP reversed from support zone

• Likely to rise to 0.9055

EURGBP previously reversed up strongly from support zone located between the support level 0.8860 (monthly low from September) and the 61,8% Fibonacci correction of the previous upward impulse from May.

The upward reversal from the support level 0.8860 is expected to form the daily candlesticks reversal pattern Morning Star – if the pair closes today near the current levels.

EURGBP is likely to rise further toward the next resistance level 0.9055 (top of the earlier minor corrective wave (iv) from the start of November).