EURGBP Wave Analysis – 22 October , 2018

• EURGBP rising inside medium-term impulse wave (3)
• Further gains are likely

EURGBP continues to rise inside the medium-term impulse wave (3), which started earlier from the support area lying between the key support level 0.8725 (which has been reversing the price from May) and the lower daily Bollinger Band.

The upward reversal form the aforementioned support area created the daily Japanese candlesticks reversal pattern Morning Star.

EURGBP is expected to rise further and re-test the next strong resistance level 0.8850 (former strong support level which reversed the price in the middle of September).