EURGBP Wave Analysis 22 October 2024

– EURGBP reversed from key support level 0.8315

– Likely to rise to resistance level 0.8375

EURGBP currency pair recently reversed up from the key support level 0.8315 (which reversed the pair multiple times in September) standing close to the lower daily Bollinger Band.

The upward reversal from the support level 0.8315 created the daily Japanese candlesticks reversal pattern Hammer Doji.

Given the strength of the support level 0.8315 and the bullish divergence on the daily Stochastic indicator, EURGBP currency pair can be expected to rise toward the next resistance level 0.8375, which reversed the pair earlier this month.