Technical analysis

EURGBP Wave Analysis – 25 July 2023

– EURGBP reversed from resistance level 0.8665

– Likely to fall to support level 0.8520

EURGBP currency pair recently reversed down from the key resistance level 0.8665, former support from May, strengthened by the daily down channel from February and the 50% Fibonacci correction of the downward impulse from April.

The downward reversal from the resistance level 0.8665 stopped the previous short-term correction ii.

Given the clear daily downtrend and the strongly bearish euro sentiment, EURGBP can be expected to fall further toward the next support level 0.8520 (which has been reversing the price from June).

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