Technical analysis

EURGBP Wave Analysis 11 April 2024

– EURGBP reversed from resistance level 0.8585

– Likely to fall to support level 0.8500

EURGBP currency pair recently reversed down from the pivotal resistance level 0.8585 (which has been reversing the price from February).

The resistance level 0.8585 was strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the downward impulse from December.

Given clear daily downtrend and the strongly bullish sterling sentiment, EURGBP currency pair can be expected to fall further to the next strong support level 0.8500 (which has been reversing the price from last July).

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