Technical analysis

EURGBP Wave Analysis – 12 December , 2018

EURGBP Wave Analysis – 12 December , 2018
  • EURGBP reversed from resistance area
  • Further losses are likely

EURGBP recently reversed down sharply from the key resistance area lying between the resistance level 14.80 (multi-month high from the end of August), 61.8% Fibonacci correction of the previous downward trend from August of 2017 and the upper daily Bollinger Band.

The downward reversal from this resistance area started the active medium-term impulse wave (3).

EURGBP is expected to fall further and re-test the next support level 0.8980 (previous resistance from the end of September).

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