The EURGBP currency pair is expected to continue rising towards the next resistance level of 0.8500, which was a strong support level last year. The pair recently reversed from the long-term support level of 0.8400 and is likely to reach the 0.8500 resistance level.
The upward movement of the EURGBP pair started after it reversed from the key support area between 0.8400 and the lower weekly Bollinger Band. This reversal created a weekly Japanese candlestick pattern called Hammer, which stopped the previous downward trend. Given the strong support at 0.8400 and the positive euro sentiment, the currency pair is expected to rise further towards 0.8500.
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