Technical analysis

EURGBP Wave Analysis – 18 April 2023

• EURGBP reversed from resistance level 0.8850

• Likely to fall support level 0.8800

EURGBP currency pair recently reversed down from the resistance level 0.8850 (which also stopped the previous wave (a) in the middle of March).

The resistance level 0.8850 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the downward impulse (c) from the start of March.

Given the strongly bullish sterling sentiment, EURGBP can then be expected to fall further toward the next support level 0.8800.

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