EURGBP Wave Analysis 23 May 2024

– EURGBP reversed from long-term support level 0.8500

– Likely to test resistance level 0.8550

EURGBP currency pair today reversed up from the major long-term support level 0.8500 (which has been steadily reversing all downward impulse of this pair from July of 2023) intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 0.8500 stopped the previous impulse waves 3 and (3).

Given the strength of the support level 0.8500 and the oversold daily Stochastic, EURGBP currency pair can be expected to rise further to the next resistance level 0.8550.