Technical analysis

EURGBP Wave Analysis 11 August 2023


– EURGBP reversed from resistance level 0.8660

– Likely to fall to support level 0.8600

EURGBP currency pair recently reversed down from the key resistance level 0.8660 (former monthly low from May, which has been reversing the price from the end of June).

The resistance level 0.8660 was strengthened by the resistance trendline of the daily down channel from February, upper daily Bollinger Band and by the 38.2% Fibonacci correction of the downward impulse from April.

Given the clear daily downtrend, EURGBP can be expected to fall further toward the next support level 0.8600.

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