Technical analysis

EURGBP broke support area

  • EURGBP broke support area
  • Further losses are likely

EURGBP recently broke though the support area lying between the key support level 0.8860 (which has been reversing the price from the start of August) and the support trendline of the daily up channel from April.

The breakout of this support area accelerated the active impulse wave (C) – which belongs to the medium-term correction ② from August.

EURGBP is expected to fall further and re-test the next support level 0.8800 (monthly low from July, which is also the forecast price for the completion of wave (C)).

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