Technical analysis

EURGBP Wave Analysis 17 August 2023


– EURGBP broke key support level 0.8550

– Likely to fall to support level 0.8500

EURGBP currency pair recently broke the key support level 0.8550 (which stopped the previous minor impulse wave (i) at the end of July).

The breakout of the support level 0.8550 accelerated the active impulse wave iii which started earlier from the key resistance level 0.8660.

Given the prevailing daily downtrend and strong sterling gains, EURGBP can be expected to fall further toward the next support level 0.8500 (low of the previous impulse wave 1 from the start of July).

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