EURGBP Wave Analysis 16 August 2024

– EURGBP broke support area

– Likely to fall to support level 0.8475

EURGBP currency pair just broke the support area set between the support level 0.8535 (which reversed the price twice earlier this week) and the 38.2% Fibonacci correction of the earlier sharp upward impulse from July.

The breakout of this support area is aligned with the clear multi-month downtrend seen on the daily EURGBP charts.

Given the strongly bullish sterling sentiment seen across the FX markets today, EURGBP currency pair can be expected to fall further toward the next support level 0.8475.