EURGBP Wave Analysis – 21 October, 2022

• EURGBP reversed from support level 0.8600

• Likely to rise to resistance level 0.8800

EURGBP currency pair recently reversed up with the daily Long-legged Doji from the pivotal support level 0.8600 (which has been reversing the pair from the middle of July), which stopped the previous wave C.

The support level 0.8600 was further strengthened by the lower daily Bollinger Band.

Given the UK political uncertainty and the resultant sterling sales, EURGBP can be expected to rise further toward the next resistance level 0.8800.