Technical analysis

EURGBP Wave Analysis – 13 July, 2020

EURGBP Wave Analysis – 13 July, 2020

• EURGBP reversed from support area

• Likely to rise to 0.9070

EURGBP recently reversed up from the support area located between the support level 0.8950, lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from April.

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

EURGBP can be expected to rise further toward the next resistance level 0.9070 (top of the (b)-wave of the previous ABC correction (ii)).

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