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EURGBP Wave Analysis – 28 October, 2021

The FxPro Tech Analysis Team
EURGBP Wave Analysis – 28 October, 2021

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 zone

• Likely to rise to resistance level 0.8500                                                                  


EURGBP today reversed up from the support zone lying at the intersection of the support level 0.8420 (which has been reversing the price from the middle of October), lower daily Bollinger Band and the support trendline of the daily down channel from April.

The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star.

Given the strength of the support level 0.8420 and the rising bullish euro sentiment , EURGBP can be expected to rise further toward the next resistance level 0.8500.

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