Technical analysis

EURGBP Wave Analysis 24 August 2023


– EURGBP reversed from support level 0.8500

– Likely to rise to resistance level 0.8600

EURGBP currency pair recently reversed up from the key support level 0.8500 (previous monthly low from July) and the lower daily Bollinger Band.

The upward reversal from the support level 0.8500 stopped the earlier short-term impulse waves iii and 3  of the impulse wave (3) from February.

Given the strength of the support level 0.8500 and the oversold daily Stochastic, EURGBP can be expected to rise further toward the next support level 0.8600.

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