EURGBP Wave Analysis 17 December 2024

– EURGBP reversed from resistance level 0.8300

– Likely to fall to support level 0.8225

EURGBP currency pair recently reversed down from the key resistance level 0.8300 (former strong support from October) intersecting with the 61.8% Fibonacci correction of the downward impulse from November.

The downward reversal from the resistance level 0.8300 continues the active short-term impulse wave (v) from the middle of November.

Given the strong daily downtrend and bullish sterling sentiment seen today, EURGBP currency pair can be expected to fall further to the next support level 0.8225 (low of the previous impulse wave i).