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 reversed from support level 0.8590
• Likely to rise to resistance level 0.8700
EURGBP just recently reversed up from the pivotal support level 0.8590 (that has been repeatedly reversing this currency pair from the middle of July, as can be seen below), standing near the daily Bollinger Band and by the 61.8% Fibonacci correction of the upward impulse from March
The upward reversal from the support level 0.8590 stopped the previous intermediate ABC correction (2) from the start of November.
EURGBP can be expected to rise further in the active impulse wave (3) toward the next resistance level 0.8700.
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