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EURGBP reverses up from 0.8460, targets 0.8500

The euro to pound pair bounced from the 0.8460 support area and is now forming a Long-legged Doji reversal pattern on the daily chart.

Reported · Written up by our desk · Major Pairs

Action Forex says the EURGBP currency pair recently reversed upward from the 0.8460 key support level.

The outlet links the move to completion of the C-wave in an ABC correction from the start of August and notes the pair is forming a daily Long-legged Doji reversal pattern.

With the support area viewed as strong and the daily Stochastic oscillator described as oversold, Action Forex expects EURGBP to rise toward the next resistance level at 0.8500, which it frames as a target for the completion of the short-term impulse wave i.

A separate technical note from Action Forex also highlights a reversal-driven setup for EURCAD, citing a turn up from a support zone between 1.5925 and other chart references, with a resistance target of 1.6010.

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