EURGBP Wave Analysis 12 November 2024

– EURGBP reversed from long-term support level 0.8265

– Likely to rise to resistance level 0.8365

EURGBP currency pair previously reversed up from the long-term support level 0.8265 (former powerful support from the start of 2022) coinciding with the lower weekly Bollinger Band.

The upward reversal from the support level 0.8265 stopped the previous impulse wave 3.

Given the strength of the nearby support level 0.8265 and the oversold weekly Stochastic, EURGBP currency pair can be expected to rise to the next resistance level 0.8365.