EURGBP Wave Analysis 10 October 2024

– EURGBP reversed from resistance zone

– Likely to fall to support level 0.8340

EURGBP currency pair recently reversed down from the resistance zone located between the key resistance level 0.8400 (former strong support from June, July and August) intersecting 20-day moving average and the 618% Fibonacci correction of the downward impulse from September.

The downward reversal from this resistance zone started the active minor impulse wave iii.

Given the strongly bearish euro sentiment seen today and the clear daily downtrend, EURGBP currency pair be expected to fall further to the next support level 0.8340.