Technical analysis

EURGBP Wave Analysis – 12 June 2023

– EURGBP reversed from support level 0.8550

– Likely to rise to resistance level 0.8650

EURGBP currency pair recently reversed up from the key support level 0.8550 (former multi-month low from December).

The support level 0.8550 was strengthened by the support trendline of the daily down channel from February and by the lower daily Bollinger Band.

Given the oversold daily Stochastic, EURGBP can be expected to rise further toward the next resistance level 0.8650 (top of the previous correction (ii)).

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