EURGBP Wave Analysis – 14 January, 2020

• EURGBP reversed from resistance area
• Likely to fall to 0.8465

EURGBP recently reversed down from the resistance area lying between the resistance level 0.8600 (which has been reversing the price from November), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse from October.

The downward reversal from this resistance area stopped the earlier impulse wave C from the end of December.

EURGBP is likely to fall further toward the next support level 0.8465 (low of the previous waves B and (ii)).