Technical analysis

EURGBP Wave Analysis – 16 July, 2021

• EURGBP reversed from support level 0,8500
• Likely to rise to resistance level 0,8600

EURGBP currency pair recently reversed up with the daily Hammer from the support level 0,8500 (which also stopped the sharp extended downward impulse wave (C) at the start of April) strengthened by the lower daily Bollinger band and support trendline of the narrow down channel from April.

The upward reversal form the support level 0,8500 stopped the previous ABC correction (2) from April.

EURGBP currency pair can be expected to rise further toward the next resistance level 0,8600 (top of the previous minor correction (iv)).

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