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 0.8675
• Likely to rise to resistance level 0.8800
EURGBP currency pair recently reversed up from the key support level 0.8675 (previous monthly high from June), intersecting with the 61.8% Fibonacci correction of the upward impulse from August.
The upward reversal from this support level 0.8675 stopped the earlier short-term impulse wave A.
Given the clear daily uptrend, EURGBP currency pair can be expected to rise further toward the next resistance level 0.8800.
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