EURGBP Wave Analysis – 17 February, 2022

• EURGBP broke support level 0.8350

• Likely to fall to support level 0.8285

EURGBP currency pair recently broke the key support level 0.8350 (low of the previous wave A), intersecting with the 61.8% Fibonacci correction of the previous wave (1).

The breakout of the resistance level 0.8350 should accelerate the active short-term ABC correction (2) from the start of this month.

EURGBP currency pair can be expected to fall further toward the next key support level 0.8285 (low of wave (C), target for the completion of active short-term ABC correction (2)).