EURGBP Wave Analysis – 12 May, 2022

• EURGBP reversed from resistance area
• Likely to fall to support level 0.8450

EURGBP currency pair recently reversed down from the resistance area located between the key resistance level 0.8590 (which has been reversing the pair since November), the upper daily Bollinger Band and the upper trendline of the daily up channel from March.

The downward reversal from this resistance area stopped the earlier impulse wave (3).

EURGBP can be expected to fall further toward the next support level 0.8450 (former top of wave (1) from last month).