Technical analysis

EURGBP Wave Analysis 24 April 2024

– EURGBP reversed from resistance level 0.8625

– Likely to fall to support level 0.8550

EURGBP currency pair recently reversed down from the key resistance level 0.8625, which has been reversing the price from January, intersecting with the 50% Fibonacci correction of the previous downward impulse from November.

The downward reversal from the resistance level 0.8625 created the daily Japanese candlesticks reversal pattern Bearish Engulfing

Give the predominant daily downtrend and the bearish euro sentiment seen today, EURGBP currency pair can be expected to fall further to the next support level 0.8550.

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