EURGBP Wave Analysis – 16 June, 2020

• EURGBP reversed from resistance area
• Likely to fall 0.8865

EURGBP recently reversed down from the resistance area lying between the round resistance level 0.9000 (which stopped the previous waves 3, (1) and B), upper daily Bollinger band and the 38.2% Fibonacci correction of the earlier downward wave from March.

The last downward reversal from this resistance area created the daily candlesticks reversal pattern Shooting Star.

EURGBP is likely to fall further toward the next support level 0.8865 (low of the pervious correction (2)).